Li Shenron
Legend
I haven't seen any sort of variant of this idea in action, but on paper I don't like it.
For one thing, it seems to lend itself to ability score bloat - now you absolutely need to inflate ALL of your ability scores, because those are your saving throws!
Come on... don't be a p**** (see your avatar)

Where is the fun if you're good at everything, have a weapon for everything, and fortified against everything? If you really want such game, why not just asking the DM for more points in a point-buy system?