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I'm no SEO expert...yet, but the subject of SEO and ethics intrigues me.
Just from an ethical standpoint, I would not practice "bait and switch tactics". Such practices can only harm a website's reputation in the long run.
Personally, I would do the best I could to word my content so that it has good keyword saturation, I would word my site title with relavent keywords [alternating regularly if need be], I would design my theme so that it is Googlebot friendly, and I would hard code GoogleAds into my theme, which entices the Googlebot to crawl every page of your site. I'm sure the short URLs hack wouldn't hurt either.
Actually, hard coding your GoogleAds is extremely effective. In fact, the Googlebot chewed up over 5GB of bandwidth on one of my sites one month because I forgot to put disallow /modules/piCal in my robots.txt file.
Additionally, I would try to get my site listed on as many other sites as possible. If you're selective about who you approve, I've found
Starlinker to be very effective. Just simply create a single page module with links.php as the start page and insert the code. The rest is taken care of for you.
I realize that there is a large debate over link exchange programs, but from my experience, if you use good judgment and you don't go crazy with it, you
can significantly increase your traffic with them. My referer stats will attest to that.
Just my 2c.