How to Make an Instant Off/Delayed On Redstone Circuit?
This is a very compact solution. The torches on the right are the two outputs.
I like your design, but when tried it out, I made my own, more compact version. You might even be able to make it more compact by shortening the length of the redstone leading up to the outputs, and moving the outputs back one block.
I made this Delayed ON-Instant OFF thing using an AND Gate with one side delayed. I'm answering this now because I was searching for this and ended up here. So I made my own solution for those who may get here as well