It has some flaws, but somehow I like it, it's an interesting solution; exploitation of visual memory in the UX and security is underestimated.
The first point to check is the entrophy and robustness of the generated key; 4 emoji seems really few (consider also that the full list has 1874 emoji, bip39 has 2048 words), but a password with an imposed min lenght could make the difference.
PS: I really like your attention for design's details, well done Niel.