The physical principals are pretty sound. We do already generate neutrino beams, like at Fermilab[2]. And we do have the ability to detect neutrinos in water, optically as ANTARES[3] does, or acoustically, as SAUND[4] demonstrated.
There are some serious engineering challenges to building a muon storage ring, which is why we don't have any. If we could build them, we could build a muon collider. Muon colliders would be great. Muons are elementary particles, and don't have all the garbage inside that a proton does, and so you'd get very clean signals out of such a collider, unlike the LHC. And since muons are much heavier than electrons, it's easier to get them to very high energies without losing a lot of power to synchrotron radiation.
[1] https://arxiv.org/abs/0909.4554 [2] https://www.fnal.gov/pub/science/particle-physics/experiment... [3] https://antares.in2p3.fr/Overview/index.html [4] http://saund.stanford.edu/saund1/