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You'd think that if the shrouds(?) for a parachute can be packed so they don't tangle, we could do the same for 1 line! How 'bout coiling the line on the back of the life jacket, secured with bungies?
How are you going to tack and get through the mess of lines? The line you speak of, must be attached to the boat at some point, but where?

Ive been giving this long thoughts for a year now. At first I wanted to use a surfboard leash, but how was I going to get from one side of the boat to the other, without getting in the way of the lines?

Using the shackle I attached, for every tack/gybe you have to unshackle to clear the line, once on the other side of the boat, you shackle yourself back in. For bouy racing this wont work because it is just another thing to slow you down. But for distance racing where not too many tacks are involved or solo sailing (ie not racing) it can work darn good.