A strategy is a good thing, it just don't make sense to do it with the currently available system.
OpenZaurus 3.5.1 will be built with gcc 3.4.1 using soft-float. This means the packages will be incompatible to everything else out there, even to 3.3.6-pre1.
After the 3.5.1 release we can start adopting your strategy. In the meantime, there's a lot of room for help. See OzTODO3.5.1 in the OE wiki for a start.