Shulgin addressed essentially the same idea here:
http://www.cognitiveliberty.org/shulgin/adsarchive/dmt.htm
N-methylated tryptophan would not make it into the brain, which is where most aromatic-L-amino-acid decarboxalase is expressed. Its also doubtful that n-methylated tryptophan would be a suitable substrate for the enzyme.
Getting it past the BBB is why I thought of esterfying it (also because the compound could be made in two simple steps from tryptophan.) As you correctly point out, however, the ester bond would be unlikely to survive first-pass metabolism, and so the compound is unlikely to be orally active. However, taken intravenously I think enough of it would make it past the blood-brain barrier before the liver got a hold of it. You could also try covering up the carboxylic acid with an amide:
That's getting a little bit more synthetically complicated, but it might well be orally active and software predicts that it would be a strong GPCR ligand.
Alpha substituted tryptamines haven't been explored very much, as far as I can tell. The only ones that I know of have had either a simple methyl or ethyl in the alpha position. So, the SAR doesn't seem to be known well enough to say what a methyl ester in the alpha position would do to the activity.