But then again, it depends on what type of tournament you are playing.
In a 45 player, turbo SnG - then this type of play would be ok. Within 30 minutes, your probably going to be down to around 20 players, and the blinds will be at a good level to start stealing. So waiting around for the big cards here would be viable. Just make sure you play them well when you do get them.
In a big tournament - say 180+ - I can't see it being viable, you are going to get idiotic players doubling/trebling/quadrupling up within the first 10 minutes, so you need to be seeing flops with cards such as JTs, T9s, 98s, 87s, 65s etc...and small pairs for as cheap as possible - in hope of catching someone holding a big pair. You can't afford to sit around all day cuddling your chips, see plenty of flops early on with GOOD cards (NOT rags) and aim to hit, if you don't - then fold. Once the blinds start increasing, then's your chance to start building your stack.
Controlled aggressiveness pays.