The compound sling idea is from long before I was on the forum, but based on what CA has said, the original idea of the compound was for throwing very light weight projectiles. The booster weight in the middle is so you can build up energy during the rotation, but a secondary release would actually let the pouch go free. Unfortunately all my compound sling videos were done before I started talking to the camera, so I don't explain anything.

I had a similar thought to what you said about a sliding pouch. I think there could be a couple problems with this. When the sling is being rotated, it's going to have a certain amount of energy built up. When the pouch is released, there is suddenly going to be a longer distance from your hand to the projectile, so a lot of speed could be lost because a longer cord will require more energy.
I think this could also be difficult because as the pouch moves to a longer radius, your release angle will change. It may ultimately feel like a short sling, but throw like a long sling.