What you describe appears to be a tool for what is commonly referred to as "program visualization" as opposed to "algorthm visualization". The distinction being that algorithm visualization seeks to convey knowledge about an (abstract) algorithm, typically for educational (broadly speaking) purposes. While program visualization seeks to convey understanding about a particular software artifact (your particular program). This could, for example, be to document the program (for understanding) or to support debugging.

Others here might be able to give you better feedback about your specific proposal, it is an area that I am not so familiar with. However, I can strongly recommend that you take a look at some of the program visualization literature and systems. Here are a few sources:

http://algoviz.org/biblio/stasko-1998

http://algoviz.org/biblio/diehl-2007

http://wiki.algoviz.org/AlgovizWiki/VisualDebuggers