This kind of idea might be new to a lot of HN readers, but it's a tired old game that doesn't work all that well anymore. Working with the limited data that Google provides on keywords/search volume/CPCs, you'll be crowded into the same niches that are already hyper competitive with hundreds of other people playing the same game.
Also, this is advocating the creation of classic webspam. Creating thousands of autogenerated pages using data thats already publicly available doesn't "help" anyone.
Puzzles me when I think back to the righteous outcries on HN a couple of months ago about the declining quality of Google's search results.