The "climbing-with-loose-sticks" part is one more reason I hate the things. It's the main reason why I prefer a 3 stick rig as opposed to a 4 stick rig. With 3 sticks I can set the 1st one when I unpack and then I only have 2 more to deal with. I have an Amsteel loop on each side of my saddle to hook the stand offs into as I climb. It works pretty well.
As far as climbing back down to get the other sticks, I don't think its a good system and here's why...
If you are hunting out of trees with branches like a lot of us prefer, then you need to manage double lineman belts repeatedly. Up, down...up, down...up, down and each time you need to do and undo lineman belts. More time, more movement, more potential noise, more sweat.
And as discussed in another thread, unlike most guys, I do place importance on getting up the tree as quickly as possible. Goofing around with gear before and during the climb will eventually cost you shot opportunities. I want to get up the tree as efficiently and safely as possible while doing so quietly.
There was another thread about camo vs drab colors. In that thread, a few of us said we like camo because we want to hide from competing hunters, more so than for hiding from deer. The more times you climb up and down the tree to retrieve and set sticks, the more chance that another hunter will see your tree and they get curious. I avoid curious hunters.