At best, this would be something of a 'proof of concept' - the FDR and CVR would still be required as I don't see the feds changing the regulations anytime soon. Any attempt at obtained an "ELOS" (Equivalent Level of Safety) for at satellite based system to allow removal of the FDR and CVR would get laughed out of the office.
Before the regulators would even consider changing the regulations, or even an ELOS, you'd need tens, no hundreds of millions of operational hours,
plus a significant number of actual crash events where it's demonstrated that the satellite based system provided better (or at least as good as) information than the conventional FDR/CVR systems, and
NO events where the satellite system didn't provide equivalent data.
Maybe in a couple decades...
