I think you succeeded in developing a system within the confines of current technology and in the spirit of not forcing players to buy new components.
As Matt said, I can see this system being something that is difficult to master as a fighting technique should be. Any Joe Blow can pick up a sword and swing it, and hack away with it, but it takes skill to use it effectively. Anyone will be able to try swing a weapon around with this system, but it will take practice and more practice to be able to do it with consistent success.
I think the other half of this combat obstacle is mimicing pain and wounds within various extremeties and tolerences. Having precise hitboxes seems to be important and having some sort of repurcussion for various types of hits and the effectiveness of said hits is going to be key as well.
To go along with I believe Wysi who had mentioned Fencing being a chess match, there is a give and take in more refined combat that would require the hit boxes or outcomes of various weapon hits to actually mean something. Of course the more brutish fighting also needs to face consequences when certain conditions are met.
What happens if I stab your sword shoulder with my rapier? Does it make sense to be able to keep fighting as you normally would? Does your experience in recieiving these types of injuries play a part in how well you react/recover? Does your stamina? Does your bloodlust? Does your survival "juices"?
Despite how movies portray it, many melee fights come down to who can injure someone the fastest and most effectively since this puts the wounded at a severe disadvantage when like-skilled combatants fight.
I think if a consequential system is married to your inventive combat system, we will see a striking variance in skill and how combat masters are viewed. Players will reap the rewards of this as the world progresses from initial chaos to refined society (relatively speaking).