It all seems feasable enough, although surely it only works with an on-average 1:1 voltage transfer ratio accross the converter. Is it the intention for the 1:1.4 ratio of the transformer to provide a bit of "headroom", so the PWM controller can regulate back a bit and compensate for changes in the charge state of the batteries?
I'm no power electronics engineer, by the way. I'm sure others will have something more in-depth to offer...
Oh, and it may be useful to know whether this will be for 110v or 240v mains, or universal?