As proposed, the runway is banked. You bank your aircraft well above the runway surface. You fly above the runway, possibly following it as your holding pattern prior to landing. You can keep going around, banked already. When it is your time to land, you continue around in that bank and descend to the runway.
Alternately, it could be unbanked with straight landings. This makes the circle considerably thicker. Landing is quite normal, aside from the runway markings.
BTW, your "kick out of the crab angle just prior to touchdown" method may be standard, but it is pretty bad. The B-52 gets this right, with 4 pairs of wheels that touch the ground at the same time and are all capable of being rotated.