If I were to seed a good quality random number generator (something like xorshift128) with a sufficiently random seed, I could then use the sequence of random numbers generated as bitcoin private keys (after some wrangling). This would allow me to back up an entire bitcoin wallet* using only the initial seed and the number of generated keys. As I understand it, this is similar in operation to bitshares' account master key.
Using this technique in bitcoin form - can anyone weigh in on the potential implications of using this technique as a back up policy?
*) obviously this only works for private keys/addresses generated using this method.