Sure if you fundamentally change what YouTube you can make it work.
You need very small buffers or complete disablement of seeking even outside of ads. Otherwise a client can reconstruct the video without viewer interruption.
People however expect to be able to skip ahead in YouTube videos, otherwise its just TV.
I just read your list and it confirms mine.
Small buffer AND can’t skip ahead on a boring video because you can only get served the ads to unlock further video after time equal to the served video duration has passed.
That is not YouTube, it’s online TV and there will be an impact on the product. Preloading a video via a 3rd party client will still easily beat this scheme. Just get a headstart equal to the first ad break.