Sounds like a recipe for bureaucracy and ambiguous leadership. I can't imagine this ever working outside of a tech company with fat enough margins to keep 3 separate leads on an individual team.
Not really. I work in a device development company. We have a technical product manager (understand what the market and customers want), commercial product manager (aid sales to sell what we have and introduce new products commercially) and product development lead for each new product. Dev lead is typically full time on 1 product being developed. Product managers are typically cover a product line. All three roles are full time jobs and operate distinctly.
