I thought of similar approaches to optimize ppc creatives in a structured and iterative way, although not as detailed as yours. I have written about it here:
http://sydneynetwork.net/2009/02/22/systematic-testing-of-search-ad-copies-part-2/

Some elements that I propose testing are Headlines, Offers, Call-to-Action and Display URL.

I suppose these can only be undertaken if the clients account are of significant size in terms of budget to make it worthwhile. Otherwise the effort expended far outweighs the benefits gained. (For eg. creating an uplift of 2-3% in CTR and therefore reducing CPA by 5-10% might seem like a significant improvement, but if the client’s budget is only several thousands per month, then the increase in profits
in terms of absolute amount might not seem to be that much).