Two-tiered JV's, Financial Services JV, and does PPC work?

Hello, I've spent the past couple months doing a lot of learning about affiliate marketing and its about time I posted on this forum. I have a couple questions some of you may help me answer.

1. I am helping a guy set up some affiliate promotions for his email blast to 6000 players in the financial services sector. We are going to split the commissions 40%-60%. My plan is to first send a review of several products including iContact, Legalzoom, and maybe 3 more products in the initial email. After that, I may set up a two-tiered ad that will run indefinately. I just feel like I may be missing something because it seems too simple. Suggestions?

2. I have a list of about 40 major emailers around the globe that have their own lists. What would be the best way to approach these potential joint venturers into having them sign up under me in a two-tiered program for a cut of my second tier commissions. Do people still participate in these types of joint ventures?

3. Does ppc really work? I tried the affiliate program for smokingeverywhere.com and bought $20 of clicks from kanoodle and not one converted. Is it because the website isnt converting, the product is too new, or does ppc suck?