For some time, I've been using a similar method (though much lower tech!) with students of all ages, and I've found it to be very helpful for getting them started with reading, making that key visual-aural connection, and just making it a more fun process using colour! Bars are represented in cycles, with beats and their subdivisions around a circle diagram and you can assign different colours to different sounds on the drums. You can actually get fairly complex as well, indicating RH rhythms to notate polyrhythmic grooves.
Offering different systems of notation, and ways of communicating sound is very helpful to reach students with different learning strengths, and opening their experience up to practices beyond the Western common practice tradition.
If you're a teacher interested in trying some of these ideas out with your students, feel free to get in touch and I'd be happy to pass along some more info and templates!