I have thought about honest land ownership before as well.
In your model, I think I like the fixed currency better than the burning of shared hehehe. I don't agree with the "instantaneous division of the worlds assets", and the solution you point out is better.
Here is what I have thought of about this in the past.
It's all ill-gotten and few understand the causal chain back in time as to how most large land-owners go their land. Also "first come first serve" is only valid for land you use. That's how I define land ownership. If you use it, it's yours. You can't own hundreds of acres, because you can't even use that. You didn't create the land, it was there before you. You can only own what you create, apart from the body that is you that you didn't create. For cooperation or corporations, ok, you can lease the land and a cut goes towards the public ownership or something. But my main pint was that we don't create the land so we don't own it like labor ownership we do create.
Land can't be truly owned like other things, it can be owned for use. No one else can take you off of it, or steal your labor though either.
There is far too much rampant "might makes right" ownership of land in history. People just owned tons of shit because they had the power to keep it.
Anyhoot, keep up with these interesting ideas and solutions. I enjoy them as a vision or ideal for a future to create. Thanks. Peace.