Yes, the NSA could still get your metadata, content from your ISP with an NSL, but this would eliminate the possibility of getting your email directly from the g00g
Given that 'the g00g' is delivering email in accordance with the very same NSLs I'm not sure how that's really better though. I would certainly place more faith in Google to properly maintain the security and configuration of an email server than myself.
The one advantage I see is that someone has to write the NSL in the first place so if you use a hosting provider that is very small you'd probably avoid attention just due to prioritization of resources. But that would only last until enough other people become aware of that refuge for it to become visible on the NSA's radar...
Yep, you are absolutely correct. This approach is only for the truly paranoid. But if you host accounts for your friends, family, and s/o, then your messages / metadata will never go out onto the web in any readable form. Yes, emails from businesses and other people will be visible but it is certainly a better setup if you care about your privacy.