Yep, been around a long time.
As to how sensible it is; not very, in my view - having aircraft doing circuits at different heights just increases the chance of someone descending on top of someone else, I reckon.
Probably why nobody does it.
In reality, most of your so-called high performance aircraft would be coming off instrument approaches, or visual approaches under tower instructions, so the 1500 ft rectangular circuit thing isn't going to be relevant anyhow.
OCTA, I can't imagine the 1500 ft circuit gets much of a look-in.