I don't know much about this stuff, but I think that this would be considered overkill (and thus too slow) if you don't need crypto-level randomness. But other than that it should be really good.
A PRNG usually doesn’t have parameters once seeded. What’s i in your scheme?
If you’re asking if you can make a good PRNG out of cryptographic primitives, yes, that’s what happens in the bowels of OS CSPRNGs. But a bit more involved.
& http://xoroshiro.di.unimi.it makes reference to how on x86 cpus with AES one could get a very fast prng similar to how you're implying
As a change of 1 bit in an input ideally flips half the bits of the output for a cryptographic hash, this scheme should work
See also https://en.wikipedia.org/wiki/Fortuna_(PRNG)