Somerset wrote:
Does this approach seem sensible?
Shortly put, no.
Like Jon I've been working with advertising online business for a long time (soon 20 years), and my (AU$110/hr) advice to You comes in 3 parts.
Advice the first: AIDAAttention - Interest - Desire - Action
Glen's rarity page is all about AIDA.
With your site, I'm more or less lost of what am I supposed to do next.
If you want more 'real visitors' to shop, then I'd add a VISIBLE 'contact us / come visit us' button on each and every page that tries to sell something.
If you want more subscribers to newsletter (return customers are always the best), then add a BIG 'sign up for newsletter' call out.
If you want to sell something online, then you need 'Buy now' buttons.
Etc.
Advice the second: don't do changes blindly, measure the results. I notice you already use Analytics, and you are likely familiar with AdWords too. The next logical step for you would be getting involved to A/B-testing (or Content Experiments as it's currently called in Google world). Essentially it's all about measuring what works and what doesn't; there are free inbuilt tools for this both in Analytics & AdWords.
Even if you would not perform the A/B testing yourself, it is something that you as online business owner should be aware & interested.
And the final advice: Know what you want. When I look at your fife-point list, I feel totally loss at what you are trying to accomplish.
Do you want more visitors ? Then putting more money & resources into AdWords, link building, content creation, social media etc. is good strategy.
Do you want more revenue (with same or less resources/time spent)? Then focus on A/B-testing & AIDA, and forget the rest.
Do you want better search engine visibility? Well, then going viral with content creation, blogging, social media (Google+,Twitter, FaceBook etc) is the thing for you.
And yes, of course you can mix any of these. But you need different strategies and metrics for each.