The sketch that you included makes alot of sense to me, I could see that working, but it will take a few trial runs to perfect it. Here are a few thoughts that come to my mind.
I was always against an aluminum Targa Brace because in order to get it as strong as steel the welds, gussets, etc. need to be alot bigger than an equal steel component. My thoughts here are you surely do not want something over someone's head to come apart during an accident and causing head injuries. But, the piece that you show looks like it would be big enough, and almost like a T-Top center section.
On the top, the rain gutters should be molded into the top. Where the rain gutters attach to the stock Targa is the biggest point of leakage.