I came up with something very similar about six months ago at the Manchester juggling convention. The one I was doing stopped a little earlier - the diabolo that swings round twice in Norbi's version only went round once in mine. The extra swing is a very natural extension to the trick, but I only got my version to work a few times and haven't really worked on it since, so didn't take it that far.
There aren't that many wraps to understand, Tom_G. The way I do it, it starts with a backwrap, which is caught with the string over the fingers of the right hand. From there, it's 'just' suicides - the trapped diabolo gets swung anticlockwise, eventually to be caught in a backwrap by the right hand. And if you ignore that one for a moment, the other diabolo just does an anticlockwise suicide. All those transfers at the end haven't got much to do with anything - I think Norbi just likes to do them!
And as for names - I have no idea! I guess the name would have to build from the name of the simpler form of the trick, but I have no idea what that one is called either! Thanks to Norbi for getting it solid enough to record by the way - I'd been wondering what it looked like!