I just do not see this working out. What I'd rather use is something like Gravatar for my address book details. People could register their address book details with email addresses, Twitter and Facebook and others could request more details through an API which enforces a privacy policy. I'd manage a whitelist of my contacts who are allowed to access my current address book details with specific access for groups. Like co-workers/colleagues could get my work email, work phone # but not my home address and home #. Having to use yet another app is very unappealing. With an API many of the apps I am using already can use the API, just like Gravatar is used by many apps. This is the way I'd solve this problem.
I can definitely see where you're coming from but I think your solution is too complex. Right now I have a contact list of over 100 friends built up on Knok.Me with all of them maintaining their own contact info. People update their info and new friends join on a weekly basis. Its working for me and my close friends. When we release the mobile app we hope to reach more people. You could be right, but only time can tell. Thanks for your feedback!