Ok, I am absolutely no expert here, but I think your plan is somewhat sound with one possible problem.
We all know that all content in the 360 is "digitally signed", correct? The reason that we can't change any of this content is because it's signature gets broken. Well, consider this for the moment.
The way that system works is the content is signed using a "private key". That private key is owned by Microsoft and nobody knows what it is, but it generates a specific signature based on the bytes within the file, a signature that cannot be easily reversed (if at all). We could brute force this key, but it's like 1024bit (in other words, there's an ungodly number of possibilities that would take a long, long time to brute force). then, your 360 uses a "Public key" to check that the signature is correct. The public key looks nothing like the private key, but it will used to check that the signature came from the private key microsoft has.
Ok, so what has this got to do with the drive key? Well, that depends on how the drive system works - does the 360 send a command to the drive that says "Hey, what's your key?", then check to see if it responds with the same one it's CPU has? I very much doubt it, if it were that simple, Team Jungle would have found the command for it and been able to dump keys via SATA.
Rather, I believe the key is used to "sign" the content as it reads off the disk, the 360 then uses a different key to verify it - exactly like the public/private keys being used on the content by Microsoft. In other words, your drive key is the "private key" and the 360's CPU contains the "Public key" to match it, so even if you were able to dump the entire firmware from the 360, the key used with the drive would be completely useless to you.
Now as I said, I am no expert, but this makes complete sense to me and if I am correct, I'm afraid your plan would not work.