Is this client-side password hash scheme secure?
This is far from secure, assuming a passphrase that a human can remember. The main thing you have to note is that an offline brute force attack on the password can be carried out. This is because the server can guess the password and follow the same procedure and see if decryption works. It is possible to buy a machine that computes billions of hashes a second (for a few thousand dollars). Very few passwords will be strong enough to resist such an attack.

If you can't do anything better than encrypting with a password, then at least it's something. But I wouldn't trust such a solution (not for passwords that I can remember). I suggest finding a different way to propagate a secret key for the client, rather than storing it on the server. (I know that this will be less usable, but security costs...)