Is there more to your vision than the course layout?
I couldn't resist experimenting with your idea so I developed a prototype you can check out...
I have to say there are matters of scale to deal with, there's the mtm terrain itself that has a very coarse grid structure that limits what you can do with it, and I suspect the rings themselves should be kept to scale for the sake of the concept. So, I created a throwaway track to test your idea, a mere skeleton of a track using what I thought was the most usable scale, being close to the best compromise between the terrain grid, usable road width and intersection size, and the rings.
The terrain was created entirely in a paint program and is nothing more than symmetrical linked rings (fyi, the mtm terrain is a 256x256 grayscale image, where white is the highest altitude, black the lowest, with 254 shades of gray in between). Using Traxx I quickly textured the track and added some pointers to demonstrate the course you devised, which works quite well actually.
Download:
two tracks, two txx files
Pictures:
track /
terrain
This is not intended to be the basis of the track you're seeking to have built, it's just a disposable prototype to test your layout, the scale of things, as well as a color scheme. Also, this is not an indicator that I'm willing to take on the project, it's just a bit of R&D that Phin or anyone else can make use of if they like.
There have been a few tracks in the past where the terrain or course was based on words or shapes, but when you're on the track you really don't know it because you're so small in relation to it all. You may feel the same on this course. Also bear in mind that this is only a roughly hewn skeleton of a terrain, much could be done to polish it, and there are many directions you could take the concept once it's fleshed out with more ideas about the track as a whole.