Though the concept is good.....but who will take the time to learn code!!??
In fact Nokia cell telephones are equipped with it afaik. Of course not the multitasting, that is over the top. But afterall learning to transmit the code is a lot easier then learning to receive it.
A few years ago there was a you tube recording of the Jay Leno show, that demonstrated that two hams dressed as telegraphers, one sending and one receiving (about 30 wpm with a bencher) were far more faster then two young guys, one of them was the champion text messaging on cell phones.
That does not say anything about typing a message in with a dot and a dash button . However on QRZ.com there was an advertisement showing a guy that got 40 wpm, that way, a speed that is probably impossible with cell phone pads with 12 numerical buttons including # and *.
Here is another link http://www.engadget.com/2005/05/06/morse-code-trumps-sms-in-head-to-head-speed-texting-combat/