I have often thought that a vertical style wheel for want of a better description did offer greater fall, however this design seems to be lacking some basic principles, there is no step up or down cog component which provides torque, be it lever to cog like a torque wrench or large cog to small cog (unless i have missed this in the description) as to tension, it is moot, a rubber see saw with equal weights will still balance even with the flex, a one half rubber and one half steel see saw equally weighted will still balance, the internal wheels seem to be useless, draw a line from the centre of your car wheel out, the inside of the wheel still rotates along with the outside, so the weight on the small wheel though appearing to travel a shorter distance is still traveling in line with the outside wheel, if the interior wheel is cogged to travel faster than the outside wheel then all that will happen is that within 5 rotations the small wheel weight will end up on the same side as the large wheel weight and then there is no falling weight to lift the other.

I am not bagging you for effort, had plenty come my way over the years, I am just saying that tension is moot and the design appears incomplete or incorrect, perhaps someone else can draw it more 3D in case I am missing something.

ESKIMO,
          What weighs the most,  a ton of lead, or a ton of feathers?
Answer; NEITHER. They both weigh the same.
Get yourself a new pair of glasses mate, go back to school, and read PHYSICS!
BILL.

yes that was helpful, that must be a university quiz question in your town, as none of us would probably have heard that before, all these years in management at engineering firms, i thought I had forgotten to learn something, well i can see this design is in good hands and will leave you to it

(That would be Fuzzics in New Zealand right?)

PS the duplicate thread to this shows the cables/chains running small to large this one does not, so there are in fact two variations with the same heading, as for you remark regarding weights being different distances to the hub not balancing, you are correct for about 1.5 seconds until the outer or greatest leverage weight falls and rocks back, take a wheel and strap a weight near to the centre and an identical weight to the outer rim of the wheel at a different point, the outer weight will still end close to the bottom as it has more leverage than the same inner weight, which is why when the inner weight cannot pull the outer weight back over the top, using 2 sets of wheels and chains only separates the same experiment into parts, losing even more energy. as to having weights at different points, you could call them pedals, small cog chain to large cog apply same weight (feet) to differnet points(now called pedals), by George I stand corrected, you may well have invented some form of energy machine.