I built something very similar to that 15 years ago. My plugs would only last about 1000 miles, looked like they had 100,000. It might be OK for a race car.
A bunch of baggage goes along with it. Mine had a high voltage supply similar to an MSD CDI, with high voltage capactors at plugs. A conventional coil triggers initial spark, capacitor discharges plasma after that. A few other details left out. It makes a white fireball about 1/4" in diameter. Need welding glasses too. It is very loud, need hearing protection to be in same room, very annoying for testing.
I like coil on plug better.