Having gone through others, for several years I have been using a similar system in a “chess experiment” that I am developing in my spare time.
Although the experiment does not involve only memotechnics, I call my representation system “Chess code” (because it is just one more among my codes -Phonetic numeric code, Morphological numeric code, Rhyming numeric code, Alphabetic code, Color code, etc.). It consists of 395 single images -mostly single words, but not always-, generated by representing each piece (pawn, rook, knight, bishop, queen or king) on each square (a1 to h8).
While captures made by pieces are coded simply as moves (Bxc1 = Bc1), pawn captures are represented by 14 additional images without its numbers (bxa = Ben Affleck, for example). Two others represent 0-0 and 0-0-0.
In addition, about 20 images represent concepts I use in plans (“or”, “and”, “structure”, “change”, “search”, “duplicate move” -to avoid repeating images in captures and re-captures, such as 4.Cxd5 Cxd5-, kingside, queenside, etc.).
I put it to the test in several test games doing well in the opening against Houdini 1.3a even winning one of them at depth 13 (average of 2430 ELO -moves between 2354 and 2500- following the work of Ferreyra: http://web.ist.utl.pt/diogo.ferreira/papers/ferreira13impact.pdf-]
Also against an International Master friend.
However, what I have been changing the most is the way of using it due to encoding speed (when memorizing), decoding speed (when playing), etc.
Without going into detail about @Chump’s interesting comments, about yours…
…in my experience a palace is the most practical way (vs large chains, for example) AND in my experience it’s better in time and effort than learning the moves by heart without a system. However, the palaces can be used in different ways and the images can be stored in different ways as well (being the identification of the branches in a practical way the biggest problem).
Finally, even if it could be used in the faster games that are growing in popularity, my system/experiment is intended for classical games (which is the only chess that actually maintains its essence of thinking strategically, etc. vs winning mostly by tactical means).