I haven't seen anything like it. I suspect that it would be fairly easy to come up with a system provided you stayed outcome focused in its design.
But honestly, I agree HoboGod who said 'sounds like a good explanation for the point buy system to me'. The main difference between a balanced trait based attribute system and a balanced point buy system is that you are going to have at the end of character creation a list of descriptive identifiers to attach to the final product. Those identifiers are not likely to have any remaining function. What does it matter if the character is 'Wiry' or 'Stout' other than I know that those relate indirectly to certain attribute scores? How have you gained anything over using point buy + asking the players to list say 6-12 identifiers describing their character?
Anyway, if you do see value in that my advice is to make sure the system is symmetrical and make sure that there aren't descriptors that are so good that everyone will take them otherwise you'll end up with a whole party of 'Graceful, Tough, Brooding, Orphans'.
For my part, I'm perfectly happy with point buy for attribute generation but do believe that 3.0 character creation has some unnecessary contraints. I've tried to resolve that by giving each 1st level PC a free 'trait' in addition to its starting feat. This helps the player make the PC feel more unique. Additionally, you can purchase additional traits by purchasing disadvantages GURPS style. Most traits in my house rules modify the skill system in some manner, for example, one of the most commonly taken traits is 'Unusual Background' which adds three non-exclusive skills to the class skills of the characters starting class. So for example, a fighter can take 'Martial Artist' as an unusual background to add balance, tumble, and concentration (or whatever) to his class skill list, or a wizard could take 'Street Mage' to add Spot, Bluff, and Sleight of Hand. This is pretty much infinitely customizable as the player can invent whatever unusual backgrounds that suit his character concept. So a player can pretty much add mechanical interpretations of his background if he wants them, but isn't forced to do so - 'Adopted', 'Unusual Background', 'Limited Background', 'Cosmopolitan', 'Noble Rank', 'Feral', 'Primitive', 'Second Class Citizen', 'Temple Educated', or whatever.