Variable compression ratios aren't new, there are scads of different designs for it, mostly by small companies that seem to have difficulty proving that they are worthwhile designs. Your idea seems similar to the Split Cycle engine, but I believe balance issues would be a problem with this particular implementation.
A year or two ago in my Automotive Engineering International magazine, I remember seeing that Honda had a functional prototype with variable compression that looked promising. I haven't heard much about it since, I imagine it's still in development.
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