Basically, this is just a variant of fattygoat's infamous strategy... the turtle strategy. Basically, the concept is the same. Get a unit to distract them so they are content with holding the mid tower. Then, spam miners and get castle archers and walls to stop any rush. By now, the economy of yours far outstrips the enemy's, so you go about to make the ultimate army; giants and magikill and merics, while the enemy is stuck with speartons and archers and swords.
The difference is that you don't distract them like fattygoat at first. Fattygoat used a sword and an archer to beat back the enemy's sword and archer, using the gold they use to get extra swords to get more miners.
He then bought a castle archer while they prepared to rush him with swords and an archer, and continued mining with only one miner injured.
By the time they got a spearton, he had a miner wall up to keep the spearton out while the castle archer rained arrows onto it, forcing the spearton to retreat.
All the while, his miners are doing wonders for his economy. So, by the time the enemy player has 3 or 4 speartons and raging swords to attack his miner walls, he'll be just in time to pull out a mage with all the spells, which would be just about enough to kill all enemy swords with electric wall.
By the time the enemy gets enough forces to rush again, he gets a giant to tank for the mage, and so on... he stays just 2 steps ahead of you throughout the game by focusing on economy, and only using mages and merics and giants also helps his already massive econ a lot.
So, by the end of it, he'd have giants and mages up to 80 population and an almost self-defended base, to prevent spearton rushes, while the enemy is stuck with half-grown giants and speartons. Your plan is similar, but your distractions are fewer.