Ken -- I understand what you are saying, but....
Obviously, the story cannot be told exclusively from Frank's POV, as many details of the other characters would be lost, and you are right about having all characters writing in 1st person, that it would entirely confusing.
My argument about what you write is that it is BY Frank. Other than the the first person narrative sections and the preface at the beginning of the story ("If you are reading this, I'm dead...") he is no more essential a character to the story as Meiko, Matsuo, or Hiroki.
While I was really into the story, I had to really pause when the writing goes from he or she did x,yz, to I did x,y,z. It really broke the flow of the narrative for me. I contend that it might have flowed better if there weren't switches from 3rd to 1st person...
This is a nuance, but also, I would not call the perspective third person "omniscient" observer, either, but definitely third person limited, as we are limited to what a particular character sees during that particular section of the story...it's been something I've noticed about FPWs writing is that, while a story may be told from several different characters throughout the tale, he never spontaneously switches a POV between characters in a scene (there is always an obvious break when the POV changes).
Okay -- I'm done blathering; you may now return to your regularly scheduled program.
"Many men, perhaps even most, are unhappy in their souls. We burn so hard, but we shed so little light; it makes us crazy and sad." - Clive Barker Galilee