ahh yea, that sounds like a decent strategy... Though the quality of players in my local casino is extremely poor... I've lasted over an hour in all of the tournaments to date now...
My mate (no re-buy) was unfortunate on the final table last week though (after no re-buys, 3rd hour into the game) - some guy opens for 4xBB (8,000) and he looks down at AQ suited, and naturally goes all in for about 40,000 chips... the guy called with A4 suited and a 4 comes - The prize for 1st was about £1,000.
Which is another thing, if you get lucky in a re-buy game, then you can get some nice prizes for almost nothing!