Getting your blog discovered

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As bloggers, we need and desire traffic. This is especially true if you are using your site to generate income, be it with affiliates, AdSense or pay-per-post. Every day I see questions on this board about getting traffic. I think I have come up with a solution, but would like your input before I finalize it. The best method for getting traffic is to have your blog ranked high in searches. Whether this is Yahoo, Google, Technorati or other blog searches, being ranked high is of the utmost importance. The best way to increase your ranking is to be mentioned in other blogs. When other bloggers mention and link to your blog, your rankings increase. Case in point, I have two blogs listed with Technorati, one has no other blogs linking to it and it's ranked at over 2.5 million, the other has 5 blogs linking to it and it's ranked at about 750,000. Now, imagine if you had 20, 50 or even 100 blogs linking to yours. You would come up early on most every search. Here's my plan; to build a service where bloggers mention and link to other blogs in their blog. Everyone joining this service would guarantee that they would mention every other blogger in the service and would be guaranteed to be mentioned by every other blogger. By promoting the service, there would be a constant influx of new bloggers, reading and writing about your blog, in exchange for you reading and writing about their blog. Everyone's rankings would grow. My question is this; I'm willing to set all this up and begin getting this going. It will take time. I know it would benefit many, so I'm willing to do it. If I were to offer this at a one time charge of $5, do you think you (and others) would be willing to join? The money would just cover my time to maintain the database and inform members of when new members join so they can blog about them. There would be no guarantees of income, but with increased traffic, increased income should follow. My thought is that if people have to pay something, even a mere $5, they would be more willing to fulfill their promise of blogging about other members. I would worry that if it were free, they wouldn't take it serious and would not fulfill their promise. My drawback is that I hate sites that charge you to look at their database of surveys or data entry sites. That's why I wouldn't charge more than $5. Let me have your input. I hope to have this program up and running the beginning of next week. Then we can start getting some great traffic flowing through our sites.