I think not. I'm all for exotic lightsabers, but this one is a no-go in my books. Ever used nunchuks before? Sure, they're cool and flashy, but a lot of their moves involve hitting yourself with them before you can swing them the other way. Too much of a risk of self-mutilation there. Also, as soon as someone blocks your attack, that side goes limp and falls towards you unless you swing it back the opposite direction.
And good luck trying to block a lightsaber with those.
And so you could hit yourself with the lightsaber-chuck as welll, no problem. YOU WOULD HIT YOURSELF WITH THE HILT - the same part that your hand touches. The blade would extend from the BASE of the hilt.