I have seen them, but not seen them used on a horse. I did a quick search on youtube and it looks like there are a few videos of horses being ridden in them.
I'm sure that some horses can be ridden successfully in one. Look at all the other things horses adapt to!
But I have to add... I live near several reservations. One of my daughters and her family live on one. All my kids are part native. I have never seen an indian ride a horse in one of these. That's neither here nor there, really, if you want to try it, try it. It's not better or worse than anything else we try with our horses.
Did a quick google to find photos as I haven't heard of an 'indian bosal' before (mind you, i've been out of the horse world for a dozen years til recently).
Looks to be a side pull of sorts, but with a vice action underneath. The harder you pull the tighter it gets around the horse's nose.
I personally wouldn't use one, don't like the look of the restrictive action this thing could generate if a horse got unruly or started acting up. If you could make one that had a 'stop' so that it couldn't tighten past a certain point then that would be good.
The concept of moving away from the pressure generated on the opposite side of the face from the way you want to turn makes sense though.
I've seen them used though I've never ridden with one/handled one for myself. However, from the way that they look, I can't imagine that they have an instantaneous release of pressure whenever the horse responds. It seems that they would be a bit "sticky" with the release.
I have tried a lot of different bitless options, the indian bosal being one.
I've had mixed results. My horse doesn't like them; he'll let me ride in one and will turn and stop, however he will shake his head and try to scratch his nose on his leg I assume to loosen it. He is normally quite stoic so the behaviour is unusual.
A couple other horses I've ridden in one appeared to take to it just fine.
As Smrobs said, the release isn't instant which I don't like (this is helped by ensuring that instead of loops for the rope to pass through, there are metal rings). However, to know how your horse will react, you'd have to try it yourself! Thankfully they aren't expensive, or alternately, are very easy to make using the correct materials and instruction.