Also don't forget that you actually need to cycle
significantly faster than just 128 * 8000 times per second, since presumably you can't integrate light into the capacitor while you're also zeroing it. Whatever goes into the capacitor while it's draining is lost, because it drains to zero.
Seems like a better approach would be to add a "gain pixel" to traditional sensors.
So imagine you've got your Bayer grid (or a layout that functions similarly), one of the pixels in the grid gets read out first. That one sets the gain for the ADC for the surrounding pixels. The downside is your iteration couldn't be linear and the gain control would be a lot more complex, but you could do it with technology that actually exists, and you wouldn't lose half of your vertical resolution by doing it a whole line at a time like Magic Lantern's dual-ISO mode.
You'd have to do fancy processing around high-contrast edges, but what else is new.