A comment on the physics (one of the previously posters mentioned something about physics that got me thinking).
Heat. For many of the drops us cavers do, heat is not a problem. But, when you start to do longer drops, well you're converting PE to KE and as you probably don't want to accelerate at 9.8m/s^2 you have to disperse that KE into something... which is pretty much heat.
Now that heat can cause problems like glazing the sheath of the rope, making the descender to hot to touch, etc.
And at least for us cavers, the ability to change over from descending to ascending is an important one.
So for one thing, you want to avoid dropping a 500' drop, and then realizing for whatever reason you need to change over and having your now ascent device sticking to the rope.
(ok, pretty unlikely, but the idea is to think about the worst case).
And also, I may have missed it, but google "harness hang syndrome". If you're going to be testing any of these homemade devices yourself, make sure you can get the subject safely down to the ground as quickly as possible in case something goes wrong. (or at least the ability to stand, a ladder in a gym setting may be sufficient.)
Ultimately I think your quest is an interesting one. You need to balance a lot of factors and compromise, just like in the real-world.
You ideally want something lightweight. But you need something strong enough.
You want something that can ascend or descend, yet ideally is simple.
Ever since I saw a Tibloc I've loved the simplicity and minimalism of it. You can't get much lighter than that and still be functional. Yet it compromises on the side of usability.
On the other hand the classic rack is simple and works well, but isn't as light as some other designs.
Anyway, good luck.