You've missed a couple things that I can think of.

First, there are three different AA cards that can be churned (including the "business" card that doesn't actually require that you're a business to apply for). That's more miles faster.

And then there is the issue of inventory restrictions on the reward flights. You'll have to work around that, especially if you're looking for Biz/First seats. But with a bit of flexibility you should be OK.

The churning can have an impact on your credit score and it depends on your score being good enough to begin with. You might not make it that far. But it is a solid "Plan A" to start with before we have to come up with a "Plan B" for you.