I really like the idea conceptually, but I have two issues with it.

1. I sympathise a lot with the impulse here, as I do also feel personally that the way I grew up had the right balance of convenience and dangers, but I suspect all generations feel the same, and I'd be afraid that this is just imposing my nostalgia on my kids. I know, I know, kids seem scarily hypnotized by screens and social media, and trashy online content, but... My parents were also alarmed that when I was growing up that unchecked I could spend an entire weekend on the computer, with only reluctant breaks for food and sleep. Yet I think I grew up to be a reasonably well adjusted adult. I'd be also wary here that by imposing "my nostalgia" on my kids, I'd robbing them of building meaningful shared cultural bagage with their peers.

2. I'm afraid that by sheltering kids from the current state of technology, they will be poorly equipped to deal with it when they leave this protective bubble. No matter how much genie bottling we try, it's never going back in. The only way to a healthy relationship with technology, internet, etc... is through, not around or backwards. Create healthy tech, online habits, not by creating an environment where they cannot see the issues, but through good old parenting: setting a boundary when they're young, explaining it, and when you relax it as they get older confirm that they understood the reason for the boundaries and are placing healthy ones on their own.