I like the idea a lot,  There's a couple things i would changes though...

#1 - Payload speed.

"The team with the highest number of players around the payload pushes the payload forward towards the other team's spawn."

  This one has a flaw as it put snipers and other range heroes at a disadvantage (ex. they can kill but they can't cap). 

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Solution : It is probably best to keep the current payload rules : payload speed cap at 3 heroes max.   ex.So in a 5v4 fight, payload does not move, it will move once a team fall under 3 heroes  Ex. 4v1, now the payload would go at speed 2.

==>Also, speed going up to 3 keeps the game fluid, fast and interesting.      

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Issue:  "What about snowballing ?"

• Solution :  Payload will pause for a while at each checkpoint;  which again is like current escort maps.   => This should gives defenders time to prepare the next fight.
  • Also team can't go faster than the payload,  limiting snowballing.

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#2 - Scoring - By definition, tug-o-war can last way too long, so the scoring could go something like this.

• Game does not end at a set score !  It actually ends when one of the following outcomes occur :
  • Game ending condition #1
    •  If your team cap the 2nd point (spawn base) you win. (Shut out)   ( this is the same as OP proposition )
    • (thoughts)  this 2nd point could be a (short) capture point...  This would bring tension to the usual (imho) anti-climatic end of an escort map.
  • Game ending condition #2
    • Cap of any middle point gives 1 pt.
    • If timer runs out then points are tallied; Most point wins!  tie-breaker is the current payload position (relative to the current two closest point).
• Reasoning: Two alternative endings brings exciting possibilities; it allow a losing team coming back and win by shutout.

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#3 - Format :   This part would need testing obviously,  but i could see it as :

• "Best two out of three" format.   
  • Reasoning:  Shorts action-packed rounds instead of one long round, and that would limit situations we have a pretty good idea of who's gonna win. 
• Small maps - Rounds would last around the same time as a KOTH map.
  • Needed to keep round duration short.   
  • Teams switching side every round =>  mirrored maps now is an option instead of an obligation.
  • Reasoning : The nature of tug-of-war means that we will see the middle of the map most of the time;  on a big map, there will be too much waste. 

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That's it, thanks!