hold on hold on

This doesn't just go to if the chat servers can handle it or not. This is also a user experience issue.
I don't know if things have change a huge amount in this area since I left WoW but I do know that if you recieve 10-20 whispers in less than a second you computer 'will' lag. I highly doubt this mod would work well in busy RP areas where at any one time there are 1-10 or more (if you are a storyteller or something, or just the main person of the event) people mousing over you at the same time. Even worse so, think about descriptions. Now there is no way to send your 2000 character long descriptions to everybody at once. This means that, due to the rules of chat throttling by WoW itself, you must send each 'piece' of your description to each and every person that wants your description. If there is one person that wants your description, it'll take about 2-3 seconds to get it to them. In the current system, everybody currently logged in will get that description, meaning nobody needs to ask for it again.
If we used whispers, now every single individual person that wants your description will need to directly query you for it. So if you get more than one person asking for it at a time... it won't take 2-3 seconds for both of them, it will take exactly double, 4-6 seconds. Three people? 6-9. And it will keepoint going up, possibly giving you a bottle neck (Meaning that if you get 10 people asking for some reason all of the sudden, by the time you finish those 10 requests, somebody definately will have asked for some more information from you, description or just regular. Also, you won't be able to request other peoples information while sending information to other people).
The other major issue that WILL slow any average computer down is if you are in a city, raid, or other crowded area. Worst case is that nobody has MRP. You MUST query each and every of the hundreds of people in real time as you mouse over them to get their information, or even just see if they are in MRP.
Even more so, there is a limit to how fast messages can travel. Often, when people are looking for MRP players, they go by their tooltip. If a MRP player exists, they have a different tooltip. However, in this whisper case, when you mouse over a person for the first time, you will only query them, and then it takes around .5-1 second (assuming they aren't already sending things to other people) to send their info back to you. THEN your tooltip canchange. This means that the average mouse over will not show you their information, defeating the purpose of the addon.
Well, I hope I have made my point

I bet this new addon won't work once it's user count grows above a couple hundrend per server.