yea i'm not really liking it. you have the issue of stability and going for a clear picture and that'l be a bitch to overcome (and even if you do fix that problem the device that you have made will be bigger than a monopod by that time). And there's also the issue of mobility. A monopod would only be able to go in a straight line withough looking like a shitshow it seems (you could maybe fix this by by putting in a spherical axle sort of thing in the monopod, like that dyson vaccume cleaner the dyson ball)
If your looking for a sweet way of filming yourself I'd look into building a snorricam (google it). If you've seen requiem for a dream or know about darren aronofsky's style of filming you already know what it is. After seeing it I thought this would be sweet to use skiing but instead of making a tight shot of just the neck up make it more of a shoulders up shot...i donno
glad to see ideas out there, and who knows it may be the next best thing but for now you just gotta experiment!