Wordpress is absolutely the way to go, but download it from wordpress.org and host it on your own domain, don't use the online one at wordpress.com. There are tons of plugins and themes that you can customize your blog with for wordpress.
Also, everytime you make a post (3 times a week should be fine), make sure you go to Pingoat and Pingomatic and submit your post there. They will ping all the major directories for you and help you get indexed faster.
I'll second this as well. I would quicker use blogs/wordpress themes per campaign though instead trying to go for the shmorgus board of aff links/adsense/mishmash distractions.
Dedicate yourself to a product or a niche that you enjoy working with, and start up a few review blogs/themes with dedicated content that is unique and keyword rich each time you update it.
Wordpress has SEO plugins and tweaks that can greatly improve your natural traffic, and if you stick to micro niches at first you should be able to get the hang of monetizing themes/blogs easily. Don't put all your content on one blog either (all eggs in one basket...).
Also - Not sure what model you're going after but a blog/theme should only act as ONE element in your campaign. If you don't have loot to monetize adspots/adwords etc. and are bum marketing, also take advantage of all the high PR sites, submit articles, squidoo lenses, answers on yahoo, sig links at big forums in your niche etc.
Cheers,
NC.