Time Lapse Redux

[William Hofius]

Last week I led a group of students on a Habitat for Humanity project. 
Over the course of the week, I took some video of the house being 
built. Same location each time. 5 minutes here, 10 minutes there. I was 
thinking that I could use this footage to put together a simple "time 
lapse effect."  My idea was to:

1.) Import the footage into iMovie.
2.) Highlight each clip and speed it up in iMovie.
3.) Link the separate segments together with cross-dissolve transitions.
4.) Export the iMovie back to DV tape.
5.) Re-import the sped-up footage from tape.
6.) Use iMovie to speed up the video.

I would then repeat steps 5 & 6 until I had about 30 seconds to 1 
minute clip.

Would this work? Is there a better method for achieving the same effect.