Well, you ARE gonna fail more than once a week, it's inevitable. However, I've seen many people utilize this system and have it work. I don't do it because A.) I have the time and B.) I'm at my most successful when I have a huge stack and the luxury to make any play I want.
If you have the patience to try and pull this off, try it, but I can predict it will all end the day you run really badly and hit nothing for hours, also an inevitability.