Thoughts from my wife:
1 - Drying racks are generally ugly. Therefore, it's best for a drying rack to live someplace totally out of sight, like under the sink, and just get pulled out at need.
2 - A drying rack that hangs from the ceiling is going to be ugly, even when up. It's going to get in the way when it's down. It will drip in unpleasant places. A drip tray and drain tube are going to be hideous, no matter how you dress them up. Dangling pull-cords are entirely out of place in the kitchen; no way to make those look nice.
3 - There is no good reason to spend Real Money(tm) on a drying rack which would be a worse solution to the problem that is solved by a $2 dish rack from Target.
My thoughts: it's practical, efficient, and logical. Therefore, it will be universally rejected by women. If there was some kind of garage equivalent, you'd sell a million. In a kitchen, it'll never work, unless you can figure out how to market it to women. I'm imagining some of those ads from the 50's with wild creative ideas that were destined to failure being obviously enjoyed by some housewife.
Best of luck, though.
Dan