That’s not a complicated rocket, but it’s not necessarily the “simplest“, and I can see several potential issues. Basically they all boil down to the high altitude.
There is the potential to lose sight of the rocket at that altitude, but if you have good spotters and maybe a pair of binoculars, it probably won’t be a huge problem.
The other thing about the altitude is that you need the JLCR, but the JLCR does add a point of failure. It could fail to open, or the chute could free itself prematurely.
And the last thing about the altitude is that such a long coast adds inaccuracy and uncertainty to the motor eject delay time, making it more likely to have an early or late ejection.
That’s not to say it’s a “bad“ plan, just not necessarily simple. If someone asked me how to do the simplest level 1 certification flight, I’d recommend a 4” rocket of about 40 ounces, a Aerotech single-use H motor that would put it up 1,000 to 1,500 feet, motor eject, no chute release. That’s what I think of as simple. It’s even possible to do an L2 flight that simple.