My friends and I have been trying this rule set, cactuar. With all seriousness, it degraded the game a LOT! It put a huge emphasis on the first stock, and then camping the remaining match.
This is one thing I really want to emphasize, camping is wayyyyy more viable, and easier, with only 3 minutes on the clock. In melee, practicing camping is a load of crap, 8 minute camping friendlies? I think we would rather play for 3 minutes and have the match be over... but with this rule set, we can now camp for 3 minutes and the match will be over either way. I'm not just saying that it's more accessible because of the lower timer having an easier time on people's nerves, it's also easier to do with the huge variety of stages.
Have you played your own rule set much? Sure, some better char become worse, like marth/ICs, when more stages are introduced, but fox becomes even better on stages like onette, flat zone, jungle japes... so much camping!!
I think you may need some assistance in creating a rule set that promotes fast games, and also familiarity and acceptance of other FGCs. I recommend you contact Alex20. He's pretty much got the best brain when it comes to knowing about how to make a game function in an enjoyable, balanced, and healthy manner. He might not see this topic, so please message him! I really don't want you to miss out on his input!