If that were to be the offer, I'd support the creation of a new category. As the idea stands, I wouldn't recommend such a position to anyone. I would not want a faculty member to pull out every other year. If that is their wish, let them find a research position somewhere. Our main buisness is teaching.
Students receive a better education from experienced teachers than from new teachers.
I do not want to do that to any of our majors every fourth semester. Subsequent committees just changed the charter to make it a travel-monies pool. There are plenty of U.S. research universities. For the last 20 years they have been trying to teach graduate students how to teach, reward teaching, etc, but they are stuck in some bad classroom patterns. He disappeared regularly to make the quarterly report trip to his Washington, DC funding agencies, to present papers at scholarly conferences, because something had gone wrong in the lab and required his urgent attention, etc.