Blogfarm question

I have two domains in my possession, a PR4 and a PR3. I am intending on setting them to autoblog with wordpress. Simply put, some rss content will be grabbed and posted to updated the blog everyday. I am not looking to make money from these sites, however. Rather, my main goal is to create a blog farm and pass on the link juice to my money sites so to increase the moneysite's SERP positioning.

Will such a setup work? Am I wasting my time?

P.S The backlinks of the PR4 and PR3 domains do not have anything to do with the niche of my affiliate sites, will this matter?

go to this site then come back bluehatseo.com

Backlinks are backlinks. If you can control the anchor text of the links you're sending, they can help you. Also, if you can keep them relative to the topic of the post they will help even more. Eventually, you'll hit a point of diminishing returns of links from a single domain/ip but I'm not sure exactly how many that is.