Here is the meat of the program. https://github.com/dluxio/dlux_open_token/blob/ACT/index.js

It does need to be tested. And account creation from the EOS side would need to be done in EOS tokens. Pricing in two assets might be a little harder so I guess the easiest way to price these assets would be to poll STEEM:EOS price.

How the RC's work... every account that helps run the system would set how much RCs they'd like to convert to Account Creation Tokens, and the price, in Steem, they are willing to sell them for. They can also sell delegation to the new accounts so they have RCs of their own to get up and running on steem.

This needs to be implemented and tested on a test net. But it's all open source and from what I understand all good for Steem.