Will this beat my competitor?

Hey Guys,

I've been lurking a long time, got my feet a bit wet, and now it's time to claim some positioning on Google with everything I've learnt.

So here is what I know about my competitor:
- Ranked #1 for the keyword in my countrys google
- 160k local searches a month
- 1300 backlinks, quite a few are high PR.
- Ranked #13 internationally

Here is my strategy
- Have immaculate on-site SEO
- Add a quality unique article daily
- Get a full list of their backlinks in SEO Spyglass
- Get a backlink on every single one of these pages that is possible, all manual, all quality comments .etc
- Buy a huge linkwheel like this one:
http://www.blackhatworld.com/blackh...e-optimization-packages-ever-offered-bhw.html
- Build a list of local blogs (by URL extension) that have my keyword in their meta data and pay someone to scrapebox them for me.

Is this strategy a good one? Am I missing anything? My domain is new, and I realise it will take time to build up googles trust, but in a year I'd like to be #1 locally.

Let me know your thoughts, and I'll keep you all posted on my ranking.