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Upon initial reading and looking at the diagram I think in a non-relativistic universe, it would have merit.. relativity does make a bit of a mess of it..
Also - Making the assumption that the speed of gravity = C in an experiment designed to measure the speed of gravity seems a little odd. If you're going to assume the speed is C from the onset, why then carry out the experiment.. Also - You would need to factor in the radio time delay. Radio signals do not travel at C.
I think the equations need to be a lot more complex in order to accurately measure the speed of gravity. More to the point, You're accurately measuring the speed of gravity within the solar system, closer to earth. The numbers would change if you got closer to the sun. The numbers would be VERY VERY different if you were within a few light hours of a neutron star or a pulsar..
Lots more to do, but your equation, (if you take the assumptions as a given, and ignore relativity (Special and General) for a moment) works.. There are just a few finer points to be factored in.
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