I really like this. It's an intuitive model of reference in the language, and most importantly it rules out self-reference for an actual reason (never unpacks).
EDIT:
Trying to unpack the noun fully will lead to infinite regress
I wonder if you couldn't do something with that infinite regress. Maybe that's something interesting in a formal language - doing calculus on infinite recursion? If that's even possible.
Graham Priest discusses The Liar's Paradox for a NY Times blog. It seems that one way of solving the Liar's Paradox is defining dialethei, a true contradiction. Less Wrong, can you do what modern philosophers have failed to do and solve or successfully dissolve the Liar's Paradox? This doesn't seem nearly as hard as solving free will.
This post is a practice problem for what may become a sequence on unsolved problems in philosophy.