That's pretty much the core of what I used to get my TH8 to Crystal, after some Giant-Healer - I added a golem from time to time, and skipped the pekka sometimes (used my level 9 king), to cut down brew time and spread costs between elixer & DE... but the "mini-wipe" I used most often was what you describe.
The problem I found, it that yes you can generally get 1-2 stars as long as you pick a reasonable base to attack, but it takes a long time to brew, still costs a fair bit, ... but the real clincher is that it almost always leaves a lot of loot behind, especially if you are concerned about not losing the battle. I lost count of the number of raids where I found a huge juicy pile of loot, but only got about 30% of it because my army was more for smashing bases and getting the town hall, than picking apart all the collectors (which can often be well defended, at higher trophy counts). So I abandoned it, largely, in favour of more flexibility...
Lately, I've been using 8 Giants, 8 WB, 36 Goblins, 20 Minions, 1-2 Valkyrie, and the rest archers... brews in well under 20 minutes with all 6 barracks working pretty much full-time, is super flexible for farming the abandoned (but strong) bases I keep finding around 2000 cups, but can also be used to maintain if not increase my trophy count against a wide variety of bases (subject to my skill levels, really). As long as I'm not going crazy and attacking super tough bases with nothing in their collectors, I find my newest army is much more flexible, brews in no time (queue the archers and goblins up front, in case you get just super-easy collectors to farm), spreads the cost between DE and elixer, gets me many more over 500k hauls, and hasn't caused me to lose trophies even though I'm actually farming quite hard.
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