One more thing to take into account is the low buy-in amount. Two things here prevent this system from being fully effective in these tournaments. First, these tournaments are loaded with bad players. Bad players will be much more likely to call your all in with weak cards than a strong player. Second, the strong players that ARE in these low buyin tournaments might be more inclined to gamble with non-premium hands because its only $5 or $10 and probably not any sort of threat to their bankroll.

That being said, I'm not sure that this system would perform any better in a higher buyin amount because the more skilled players will figure out within 20 minutes what you are doing and slow play you before the flop. If enough people limp preflop, then Sklansky's system will dictate you move in with any hand, meanwhile the skilled player is salivating waiting with his/her AA or KK.

Just my two cents.