Amy, your ideas just about follow mine. I probably would first make a prototype with thin plastic strips to get a measure of the affair, and put my dress form to good use. Closer analysis of the metal strips show that they are not all that thick, but have a thick leather backing. It looks like maybe 1/16".
Dark Lizerd, my reptilian friend, even the lateral strips are metal! This is a totally rigid corset.
I don't know exactly how this monster would feel once closed and laced tight, but I suspect that the spaced strips would put more pressure on a smaller area, making the thing quite uncomfortable, especially under the vertical strips, which are placed under the horizontal ones. Being used to wearing very tight corsets all the time, I know what a pressure point is!
I don't believe that this was intended for tightlacing as such, i.e. worn in place of a regular corset. I think it is more for wearing over clothing, including any underlying corset that would perform the constrictive function. It would make a nice "body cage"...
Jenny.
Helplessness is a doorway to the innermost reaches of the soul.
If my corset isn't tight, it just isn't right!
Kink is the spice of life!
Come to the Dark Side - we have cookies!
A feasibility study is in order. 
