are there any SEO downsides to not having any substantive content on the home page
These are not thoughts. They are facts. If you have a homepage with just a few words you will get a certain level of traffic. However, for almost every relevant word that you add to the page you will probably get more traffic as those new words combine with existing words to create many more combinations of new queries for which you are relevant.
Here is a short story....
We had a lot of pages that had one sentence descriptions of photos. They got a little traffic. When we increased the text content on those pages to a couple hundred words the rankings increased and the traffic went up by 10x.... When we upgraded those pages to 2000 word articles with several photos the rankings went up again and the number of visitors went up significantly - some to thousands of visitors per month. Now some of these pages get more visitors in ten minutes than the one-sentence pages received in a day.
Our guess is that if the home page doesn't have much copy, that odds are that other specific pages will tend to perform better for non-brand search terms, which seems OK.
I think that your guessing is harmful to your wallet
If people DO find the homepage, it would likely be a brand search or an ad referral, in which case the minimalist, non-copy design would be conversion-friendly. Does that theory hold any water?
Most of the visitors who enter my site by the homepage are coming from queries that have nothing to do with my brand. My homepage looks closer to the LA Times than to what you are describing. I want my visitors to say DAMN! Look at all of this stuff!
The retail sites where I have this convert really well. I would be very hesitant to use your proposed homepage unless I was selling just one item on that website.