There's a good track record of simplified codes being used for certifying "private use only" fixed wing flying machines - and those few gyroplanes certified to BCAR Section T seem to have a reasonable safety record - so I don't think I'd be too troubled as an Engineer by being involved with the certification and testing of a helicopter to a simplified standard like this, nor with using it to recommend that a Test Pilot were to fly it - with all of the normal caveats and precautions that go with a test programme.
Bear in mind the alternative is either no helicopter, or a US "experimental" system with no airworthiness oversight at-all. The main CofA codes are a very expensive overhead when embarking upon an R&D project and if this allows people in the UK or other countries to do helicopter development within a reasonable budget and timescale, whilst maintaining a reasonable degree of safety, I'm all in favour.
As to a low hours PPL - I don't think that the handling qualities requirements are that different between BCAR-VLH and JAR/FAR-27 anyhow, it's the burden of proof (and associated cost) that changes.
G
Staunch defender of the UK Permit to Fly system.