Yes, Z-Drag is another name for it, but I believe it refers strictly to the version parallel with the ground. I could be mistaken. Either way, you're absolutely correct about some of its countless great applications! Thanks for the comment!
If you were to buy every piece of hardware and software in this setup, it would probably cost you easily over $500. However, I use this rope and all of this hardware for countless different other applications, so it's all stuff I bought for completely different uses and which happen to all combine to work as a Z-Rig.