I can tell you 'no' without even looking at it. Google doesn't allow arbitrage and will keep putting the costs up if you try it, to ensure you can't make a profit. So, an autoblog doesn't stand a chance - may as well just set fire to a few dollars and save some time.
Google arbitrage has been long dead, even back when all the IM gurus were selling those methods. Arbitrage in itself is a sound business principle but you'll *just need to look elsewhere* to make it effective.