I'm spending a lot of time in the g-webmasters help forum. There are also many people (mf's) from SEO companies, just waiting to detect such an attempt, and you can be sure they do make a negative report to google.
Today I've read exactly such a thread:
read it here: bit.ly/g3WPtk
There must be better solutions than the 301redirects, due to the easy detectable flaw. The problem with doing such tricks CAN BE the competition.
best regards, dope!