They are certainly all challenges to be overcome. Off the top of my head though:
1: I wouldn't grip the toolholder in a claw like they do for tapered toolholders. I would have each tool holder in a precisely cast hole with a smaller hole in the center for the endmill. I would use the end mill to ensure that each toolholder was positioned properly on the tool cart. Each endmill size would have a specific hole.
2: The set-up would need to be capable of a certain level of accuracy and repeatability in returning to precise co-ordinates. I would place each toolholder in it's respective space using the spindle so I could record the coordinates. I would then cast the toolholder hole around it. If the spindle can not return to the specific coordinates it clearly won't work.
3: I can't disagree on that. It should probably be attempted with smaller toolholders and matched to the spindle. I.e. ER25 toolholders for ER25 spindles. I would also expect it to work better with short stub toolholders and only with good brand stuff. As for increasing run-out, that is an issue with any toolholder regardless if it's ATC or MTC. I am going to assume that anyone trying to do this on the cheap has to set expectations of precision to be in-line with their budget.
4: I have seen hex shape ER collet nuts which can be gripped with a regular ratchet. I thought about a belt drive but the hex nut with a direct grip seems like it would be more precise. In any scenario, there needs to be a method of ensuring that the nuts are properly tightened with enough torque and not too much. My assumption is that, if this can be solved with cheap power drawbars, it can be solved here.
If a digital torque measurement is too hard to figure out, my guess is that it might work by calculating how much pressure is needed to achieve the ideal torque and then delivering that specific pressure using an adjustable regulator. With a little trial and error with a torque wrench, it should be possible to figure out if it takes 30psi or 50psi to achieve ideal torque.
I am sure that some of the guys here could figure this stuff out (not me obviously). I saw that one guy came close without another ATC project but, imo, his design looked too complicated to be a viable diy method.