If that plan worked perfectly, you'd solve the land use and, giving you an extremely generous benefit of the doubt, the emissions from manure problems.

All you have to now is figure out how to build and maintain these high-rises cost effectively, and how to generate enough power for a matrix-like experience and all the VR headsets and treadmills for the cows. And even then you'd still be wasting a lot of food by feeding it to animals rather than just eating it directly.