That's almost the way I did it.

Already had an 80 Paladin tank so wanted a support squad -healer+dps. So I leveled 4 druids 2 at a time using the RAF. Then they got to 68 and remember you needed an 80 to get cold weather flying. Fortunately I had a spare 80 and transferred him over to account #2 and solved that problem.

Once everyone was 80 I went out and bought 3 WOW battlechests+3 WOTLK came home entered the CD keys. Right after tranfered each 80 to the account I wanted them on.

I messed up though and didn't RAF my NEW WOW's I'd just bought... So I lost out on 3 mounts+3months free time. Don't make that mistake! I'm actually in the middle of trying to clear all that up and retro claim my rewards.