I feel of similar opinion Rickoff. My first reaction was also "bet those big ring magnets are expensive/rare/hardtocomeby. I like the principle of it, its thinking outside the square. I think the inductors limit the air gap as well, meaning the coils are further away. Maybe thats the point though. Accept nothing and challenge everything, ill give him points for that
Good luck to him, and others like him who push the boundaries and believe in their vision.