I would also be interested, and would like to make some suggestions for tweaking the system. I think keeping game mechanics simple is a great idea, but I think fleshing out the specifics of fighting styles more is crucial. Not so much in the sense that we would have to know a huge amount about specific stances, strikes, kicks, grapples, etc., but just the overall aim of the style being taught to our student PCs.
Also, would we all be learning the same style from the same teacher? If so, availability of moves and the likelihood of players producing over similar characters would potentially arise. If we have different masters, the PCs would potentially be rivals or enemies. See the dilemma? 
As additional uses of Chi energy, I think PCs should be capable of resisting harm from attacks--as people are trained to do in Iron Body, which is basically getting beat on to increase pain tolerance via mind over matter--and to resist push attacks or attempted grapples by being "unmovable."
Can we assume this takes place in China, or is it just a general Asian-flavored setting? Sounds cool, definitely interested.