Looks like a winner! I wouldn't put the rainbow striped fabric in the quilt tho, because of all the white. Not even as the binding.
I don't think that pattern is nearly as hard as everyone fears. It's really just a big grid of squares in the middle... either 9 patches or 16 patches and then sewn together. Around the outside are strip pieces with black corners added (snowballed). The hardest part will be keeping the colors straight.