If times were good, this program might be an option, but the bottom line is this is not good time. It is no different than those who pay to fly SIC for Part 135 ops that can fly single pilot with an auto pilot authorization. Sure you sat there and put the gear up and down, and it is recognized by the FAR's, but so what? A few years ago when ConEX was hiring CFI's with 600 hrs. this might have gotten you a job, now I am not convinced. Even then the people I knew who were hired were asked if they were currently instructing in a Multi and had several hundred hours of Multi time.
When you are a CFI and log PIC with a rated student it is different than being a safety pilot. You are being paid as a commercial pilot. You are also providing instruction for a student and are in operational control of the aircraft. Many times you will be flying with instrument students who are logging PIC, but who are not really qualified to be acting PIC of the aircraft (on an IFR flight plan when they have no instrument rating, etc). There are alot of loop holes to log time, but the airlines do not rate all time equally. It is possible to have a CFI in the back seat of a plane and two students in the front and have all 3 log PIC. Is this legal, yes it is. If you do not believe me read the FAR's (CFI has operational control, one student under the hood, one as safety pilot). Is this time worth anything? I do not think so. I think you will be paying alot for a certificate that you are not really qualified to have, and you will have a hard time getting hired anywhere. And you will not have your CFI to fall back on.
Safety pilot time can be a legitimate way to build several hundred hours of CC time, or to pad your Multi, but to have half of your total time be safety pilot is not very wise, in my opinion. As other posters have said, who would you hire? The CFI who was being paid for their time and who was really the PIC, or someone who spent half their time looking out the window making sure the airplane didn't hit anything. The CFI will also have a much better understanding of the FAR's, aerodynamics, etc. and will probably do better in an airline interview as well. You really have to have an understanding of a subject to teach it well.
If you are dying to get your ATP in a hurry without being a CFI, it cost about $30 an hour to operate a 150/152. Go buy one and fly it.