Hi, Kikapu,
It's workable but with one concern: the functions of the Vice President. Your link states that the V.P. is merely a figurehead under the U.S. Constitution, but this is not so. He may have no standing executive power, but as President of the Sentate, he may wield some power. Consider the following:
Under the U.S. Constitution, legislation may be introduced in either Chamber. The President may veto legislation after it passes both Chambers. He must provide both Chambers with his objections in writing. The veto may be overriden by a two-thirds majority of the Lower Chamber. On the other hand, the V.P., who presides over the Upper Chamber (and there's a bit of power there, but that's beside my point), can vote but only to break a tie (and there's a bit of power here too) in the Upper Chamber, no questions asked, no provision for written explanation. This is where the V.P. of CY could wield some unchecked power that underscores the ethnic divide since both states send the same number of representatives to the Upper Chamber. The concept of equal representation to the Upper Chamber is effective in the U.S. where there are 50 states, but would not be so in CY where only 2
ethnically divided states are proposed, one more heavily populated than the other. In effect, under such circumstances in Cyprus, the V.P. could wield more power than the President, particularly if the legislation is introduced in the lower chamber.
In practice, when the V.P. is an ethnic Turk, s/he could shut down the majority in favor his/her minority. When s/he is an ethnic Greek, s/he could shut down the minority in favor his/her majority. When considering the principle of "majority rule, minority rights," what are the ramifications? The balance lies in a strong federal constitution that addresses this issue coupled with a fair-minded and prudent supreme judiciary, and I don't know that the American way of appointing the supreme judiciary would be the best way for CY for the same reasons listed above. As I'm sure you know, the process involves Presidential appointment with Upper Chamber confirmation. Again, the Vice President as President of the Upper Chamber has the power to break the tie. What works as a form of checks and balances in the U.S. may become a vicious circle in CY all because of the ethnic divide.