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It's a good idea if you feel confident you can push 50,000+ unique visitors per day to the site. Unless you are doing traffic acquisitions to the site, it's pretty much going to be a fun hobby for the first many, many months as you build up your social audience/followers. It's a good way to...

Try stuffing adsense ads set as "text only" ads above/under the image so it appears as if the ad is the navigation or next button. Adsense is blocking overly aggressive placements so there is some tricks to keeping the arrows in your ads.. Just fool around with placements and don't place them...

There are so many subsets to Health/Beauty that calling it 'saturated' is too all inclusive. Will you be able to make a successful organic blog for "how to lose weight".. no. That doesn't mean you can't focus on a subset of H&B and target longtails for it (assuming organic is your play)...

Step1) Capture emails on entry page. Use that to promote offers in the future Step2) Build out a midpath coreg funnel Step3) Drop them off on 'confirm entry' page after they've completed the funnel/surveys and spam it up with adsense.