The merchant might not like it, but using a wrong display URL is against Google's hallowed Terms Of Service. You could get away with it for a wee while, but I wouldn't recommend depending upon any revenue generated in this way. They get awfully pissed off with affiliates who engage in this kind of thing.
MSN also don't like it, and I think you'd get caught out reasonably fast (although who knows. I still haven't worked these guys out). Yahoo also don't like it. You'd probably get away with it on low volume search terms for some time. They manually check larger volume terms though, so you'd struggle to get enough traffic to make it work for you unless you found thousands of low volume converting terms.
I'd look at building quality landing pages. At least when you get those right you can depend upon the traffic and income you will get from them. The other way, your revenue will eventually dry up and you won't really have learned to "look to the long term"![]()
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