Actually, there is one issue with it.There is nothing wrong with Excubits's MemProtect but be aware it can be bypassed if the person doing the code injection spawns the process they want to inject into.
The Excubit's MemProtect driver is parsing the configuration file in kernel-mode when it should be doing this in user-mode for safety reasons. Too many people have been hit with exploits by doing things like this, albeit normally with parsing PE files. Still, it's unsafe to do that. It's fine because the product isn't a target - it's unknown outside the forums and even a minimum use it that are on the forums.
You should be keeping everything that doesn't require execution of privileged instructions / kernel APIs outside of the kernel.