Web 2.0 link wheels, doing it well?

Hi all,

I am building some 2.0 sites link wheel to rank my online sex shop products.

I choose for example some keyword like "buy dildo", and build a link wheel with 8-10 web 2.0 sites (wordpress, blogspot, hubpages, squidoo....), with unique content (I do write personally or make some own and reviewed translations from USA sites)

In each post of each site, I include one link to my money site, one link to other web 2.0 site of my wheel, and some other links to Wikipedia, Twitter, etc., like reference sites, so in each URL there´s just one link to my money site. I also give anchor text variety to not use always the same anchor, buy dildo, cheap dildos, and so on.

Of course, I don´t close the wheel to not leave a footprint. I publish each post with 2-3 days of difference from the previous one, to look natural.

Finally, I´m trying to give popularity to my 2.0 sites with social bookmarking, blog comment, RSS submissions, Twitter mentions...never directly to my money site but to those 2.0 sites. Looking to learn about SEnuke or similar software to automatize this.

I´m just starting this strategy so I can´t tell you about results, just wonder If Im doing it right or something here has no sense.

Just one more question, once I finish all this link wheel, If I want to make a second round, what would be better, make a new wheel from the beginning, or add a new post with new and unique content on my previous 2.0 sites of the wheel?

How often should I update the wheel? Once per month?

Thnks in advance for sharing your experience!