This reminds me of Dave Taylor's "Pinky Processor." [1] Crack dot com has been shut down for years, so I couldn't find a better source, but the idea was to have single bit processors and they could be linked in a "Pinky Farm" to work in parallel. Every instruction would be this type of branching instruction and it could handle calculations by performing table look ups. 15+ years ago people had even written assemblers and emulators to demonstrate the theory. Shortly after publishing his paper, Dave Taylor went to work for Transmeta on the Crusoe processor and any research into Pinky processors faded out of existence.
[1] http://tech-beta.slashdot.org/story/98/06/06/136239/pinky-pr...