CPL theory can be completed in approx 4 months or maybe less. Starting ATPL from scratch is approx 1 year full time theory. If you need to continue working to fund this then do the CPL first and the ATPL by correspondance. At least you will be in a flying environment whilst studying for ATPL (If you are fortunate enough to find a job). Then study for ATPL, yes you will sit more exams but find a way that suits your lifestyle and finances. The industry is full of "Has to be done this way." There is nothing ridiculous about your suggestion.
Hughey.