H1B Extension + Fresh H1B new cap

[R2I-R2A]

My Wife resigned from her position and her last working day as well as the last day in the US was April-20th-2011.She was in the 6th year of her H1b petition, valid till Nov-10th-2011.She never got her GC filed as we had planned to relocate to India.

She is in India right now and planning to go back to the US to the same employer. Her employer is ready to do whatever is legally required for her to start working in the US as soon as possible.

Can she follow the below approach?

Step 1) Re-capture the time spent outside (232 days) the US on her existing petition and apply for H1 extn

Step 2) Get the H1 extension stamped

Step 3) Apply for a new H1B with Premium Processing in new cap on APR-01 with start date of Oct-01.

Step 4) Wait in India till the new H1B petition is approved.

Step 5) Go to the US on H1B extension visa on May-1st to satisfy the One Year Outside the US rule for new H1B

Step 6) work in US from Jun-1st to Oct-1st on the H1 extention

Step 7) On Oct-1st, exit US and enter with visa on new H1 petition

Is this a valid approach ? Are there any other options?