Came here to say this. I love the idea, but as someone who runs a consultancy... There is a minimum threshold of dollars a project needs to be for me to consider it. Not because I run a Deloitte, but because:

A) closing a small project is close to the same amount of work as closing a big project.

B) you'd need to be closing, and finishing, $20k projects at a pace of one every two weeks to support OP's hypothetical team. If you can do this, 1) teach me, 2) start closing $50k deals.

Also, there seems like an unbalanced payout. Developer gets $/hours worked. But as management, I'm still working hourly to bring in these $20k projects? If I manage to unlock the secret to closing a deal every two weeks, I'm either working a HUGE.amount (eating up a lot of the money I'm bringing in), or I'm barely working at all (classic problem with hourly billing - I get paid less because I'm good at my job).

Also, watch out for overhead costs. As a two person consultancy, I am constantly amazed at how expensive it is to run a business.