Sitting out on blinds in exchange for a late-position blind

[brianmarc]

Playing online it is possible to sit out every time you are SB and BB, and then to reenter game one behind the button, paying both SB and BB for that hand. I'm trying to figure out the possible benefit of never having to play the first two positions in exchange for the extra-expensive blind from a late position and playing 1 less hand per orbit.

For a really tight player like myself (VPIP about 10%) this seems like it might be a good idea. I'm interetsed in hearing thoughts about the general benefit of this, and what hands you would cold call and raise with from the expensive late position.