First, would that be to code? I have no idea, but you would probably have to run each ground back to the circuit breaker/fuse panel then out to the ground rod.

Do you really save much of anything by doing this? You are still running wires everywhere throughout the house. If you are doing the outlets why wouldn't you do the lighting circuits?

When it comes time to sell the house and a potential buyer sees the corners you cut, even if it was to code, what are they thinking? I'm thinking I'll look elsewhere.