The concept is cool, but the game could really use some kind of a recovery mechanic beyond "go all the way back to start". Right now, this is less of a game with a multidimensional possibility space and more of a puzzle to guess the One True Sequence of Timed Button Presses.
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Checkpoints are an obvious solution, but it would be more fun to instead have to use the same mechanics to get back onto the track after falling off. Maybe instead of just resetting your position, there could be another, continuous track down below that you could use to backtrack a little, then jump back onto the main track?