I had not heard of this before. I will have to investigate. I found an InfoQ[0] talk on it that I will watch after work.
[0] http://www.infoq.com/interviews/mikado-method-restrurcture-s...
[0] http://www.infoq.com/interviews/mikado-method-restrurcture-s...
Yeah I think this is a reasonable approach, especially as if you do end up completing this, and get to a design you are happy with, it will probably be very different (and hopefully infinitely superior) to your original high level design.
You've probably already heard of it but the mikado method can also be useful in some of these situations.