I think the idea is good. What you need are new webmasters who already are not making money. And in fact its probably one of the better ways to get ahead of the pack or catch up to the pack. I think it was someone at the GPWA 10 years ago or so when we were all talking about how to get further. One that stuck in my mind was “partner up” with your fellow affiliates. I think its a rather smart idea (although hard to find the right people)
The reason you don’t want to buy articles is because they generally don’t have the passion, readability, etc that you get from creating quality content on your own.
Depending on the OP’s location you could also setup a contract to protect against the theft of the domain.
Don’t worry about sub-links, you won’t benefit that much, however if you wanted to you could try to make a circle to signup under each other as you go along.
Good luck – if I had more time (I don’t) I might join you.