Another Staking Q. - Profitability Analysis

[warrantofice]

I play poker on a regular basis at FTP, but only play cash games because i quickly loose focus in tournaments. I have a good friend who plays poker on a semi-regular basis that seems to do very well in tournaments, but he goes to school and general spends his money else where. My friend is also very honest. I am seriously considering sending him to next years WSOP main event...jks.
I am considering staking him in online touraments. I'm just wondering the correct procedure and if my proposition is profitable for me.

I plan on having him open a FTP account and give the password to me. Then I was planning on transfering 50 dollars per week into the account so that he could play two $20 sng's with 45 entrants each week. The plan then is to take any winning from the sng's and buy into the largest possible tournament each week.

Any winnings will be split as followed. 70% for me; 30% for him and of his 30% i will take out all the $20 buyins of upto 50% of his winnings.

Ex. played 10 sng's and we win $2000 = i get 1400 and he gets 600 - 200 (sngs) = $400 easy don't even know why i did and example.

So is this idea profitable for me? I am using this as a way to only risk a small portion of my bankroll in hopes of one day receiving a big payout. Does my plan make sense? Any feedback would be much appreciated.

warrantofice