if I create a blog or a lens today and say within the next few hours I digg, stumble it, put in my sig here, get someone to submit to 30 and above bookmarking site, ping it with pingoat and claim it at technorati would the search engines see it as too many links coming it at once and penalize the site or would they love it and index me within a day or 2
Well... you would get indexed forsure. BUT... you could and will most likely not rank for anything anytime soon.
I don't think doing that would be of a bad effect on your blog... The best thing would be to start building your backlinks...
initially you will get good rankings but after few days there will be huge drop in rankings, as all of sudden links and traffic stops coming. this is due to fact any blog article can get overnight traffic and links for some sensational news. But to maintain ranking it should keep coming.
It would work great, i did exactly this....well i say i did it, it just happened, over a few days after posting the first few posts on one of our blogs. We went from no visits at all right up to 3000 visits a day, literally within a day or so. There was traffic coming from everywhere, and its still climbing now, over a year later. It definitely works and i would advice it to anybody, you need good content though, otherwise the visits soon start to drop off.