Chris,
I've seen several systems like the one I described. It's an interesting concept, but none that I have seen have worked well.
One was installed in a large building that was essentially all perimeter space and no core. The boiler was doing all of the work, but the loop temperature was - as you note - low. Pay for the boiler to make a lot of heat. Move it at low temperature to occupied space. Pay to run heat pump to raise the quality of the heat to a useable level. Electric rates were not favorable.
Boiler was short-cycling, and running cold - very poor efficiencies. It was condensing in the flue, although it was not a condensing design.
We recommended abandoing the heat pumps in place, converting their air handling sections to conventional water coils and cranking up the loop temperature to more conventional levels. Savings were something like a quarter-million $US per year, with a three or four year payback.
Other systems I have seen used black pipe for the loop, with plain water and no treatment. Continual problems with water-side of HX in the heat pumps fouling. Eventually I suspect there will be loop leaks.
My view is that this type of system requires a very specific combination of building design, occupancy/use patterns, climate, and utility rate structure to be feasible, and the magic combination doesn't occur very frequently in the real world.
In climates where it might work you can usually get plenty of free cooling via economizer-type operation for the core building areas.