Lord Sessadore
Explorer
Holy wall-of-text, Batman! 
More seriously, that does sound like a system that is pretty able to keep treasure distribution consistent in a PbP living world.
However, your math is off. Well, not your math, necessarily, but the numbers you're using for your math. Stonegod was correct - you're under-rewarding the gold parcels. The DMG rewards gold over the course of a level equal to (an item of level n)*2. That is, you get 720 gp total gold over level 1, not 360 gp, and the same pattern repeats for every level.
Also, characters who get their gold at level 1 or 2 will have much less gold than what they'd recieve in a 'normal' game following the DMG parcels, and characters getting their gold at levels 4 and 5 will have significantly more. Over levels 1-5, each character should get about 1359 gold. So, even doubling the gold amounts in your proposal to match what's in the DMG, 720 gp for a level 1 gold parcel is a far cry behind, and 2000 gp for a level 5 parcel is a good deal ahead. Keep in mind that that 720 gp has to fund all of their cash-requiring expenses through to level 6 (which can be a very, very long time in PbP). I think the guy who gets his gold at level 5 is in an even worse position, though, because he's essentially dirt-poor until then, unless he wants to sell one of his item parcels for 20% value. He can't buy any potions, rituals, alchemy, or even spare equipment until level 5, and that is crippling.
I like leaving it in the hands of the DM, though. Your earlier presentations of this system had all the treasure selection done by the players, which left a bad taste in my mouth. While I'm all for wish lists and character-appropriate non-randomized treasure and all that good stuff, as a player I don't want to explicitly pick what I get and when. It's like getting to pick your own Christmas present and when you get to open it - no fun at all.
I think what stonegod meant by his point #2 was that DMs won't like it if the rules are "if my character reaches a new level without getting a reward parcel, I get to pick the one I want and recieve it right now, despite the fact that we're in the middle of an abandoned wing of the Dungeon of Doom with no treasure to speak of anywhere nearby." If I'm not mistaken, he was suggesting that instead of that, the DMs award an IOU - something like, "I know you didn't get your parcel for that level, but it's coming soon. Sit tight and I'll get it to you when it fits the game." I agree with him on that point, but I'm not sure his interpretation is necessarily what you meant. Good to check, though.
Also, I think what stonegod meant by his point #1 was that DMs are constrained in rewarding by this system. For starters, they can't use the oh-so-common "do this job and I'll give you guys X gold to split", because the gold all has to go to one character, according to your system. To deal with this, I think it would be good to keep your system with the gold parcels as-is, and reward the other chunk of gold equal to a level n item as a split reward between each character. That way everyone has some gold if they need it, and it gives DMs a little more flexibility in their treasure planning.

More seriously, that does sound like a system that is pretty able to keep treasure distribution consistent in a PbP living world.
However, your math is off. Well, not your math, necessarily, but the numbers you're using for your math. Stonegod was correct - you're under-rewarding the gold parcels. The DMG rewards gold over the course of a level equal to (an item of level n)*2. That is, you get 720 gp total gold over level 1, not 360 gp, and the same pattern repeats for every level.
Also, characters who get their gold at level 1 or 2 will have much less gold than what they'd recieve in a 'normal' game following the DMG parcels, and characters getting their gold at levels 4 and 5 will have significantly more. Over levels 1-5, each character should get about 1359 gold. So, even doubling the gold amounts in your proposal to match what's in the DMG, 720 gp for a level 1 gold parcel is a far cry behind, and 2000 gp for a level 5 parcel is a good deal ahead. Keep in mind that that 720 gp has to fund all of their cash-requiring expenses through to level 6 (which can be a very, very long time in PbP). I think the guy who gets his gold at level 5 is in an even worse position, though, because he's essentially dirt-poor until then, unless he wants to sell one of his item parcels for 20% value. He can't buy any potions, rituals, alchemy, or even spare equipment until level 5, and that is crippling.
I like leaving it in the hands of the DM, though. Your earlier presentations of this system had all the treasure selection done by the players, which left a bad taste in my mouth. While I'm all for wish lists and character-appropriate non-randomized treasure and all that good stuff, as a player I don't want to explicitly pick what I get and when. It's like getting to pick your own Christmas present and when you get to open it - no fun at all.

I think what stonegod meant by his point #2 was that DMs won't like it if the rules are "if my character reaches a new level without getting a reward parcel, I get to pick the one I want and recieve it right now, despite the fact that we're in the middle of an abandoned wing of the Dungeon of Doom with no treasure to speak of anywhere nearby." If I'm not mistaken, he was suggesting that instead of that, the DMs award an IOU - something like, "I know you didn't get your parcel for that level, but it's coming soon. Sit tight and I'll get it to you when it fits the game." I agree with him on that point, but I'm not sure his interpretation is necessarily what you meant. Good to check, though.
Also, I think what stonegod meant by his point #1 was that DMs are constrained in rewarding by this system. For starters, they can't use the oh-so-common "do this job and I'll give you guys X gold to split", because the gold all has to go to one character, according to your system. To deal with this, I think it would be good to keep your system with the gold parcels as-is, and reward the other chunk of gold equal to a level n item as a split reward between each character. That way everyone has some gold if they need it, and it gives DMs a little more flexibility in their treasure planning.
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