It's a good idea, as far as it goes, but here's the catch: on the day the stock goes x-dividend, it will open for trading at a price lower exactly by the amount of the dividend. This is almost a notional phenomenon since within seconds market forces will sweep in and obscure this lowered price.
What if the market forces are negative? What if they are stable? For example, suppose the dividend is $.33, stk goes X on a wednesday, you buy it on tuesday at the closing price of 17.60. On wednesday stk will be lowered, notionally speaking, by .33 to 17.27. In the hours before trading begins, or before early premarket trading begins, the market makers will be matching the buy/sell orders to arrive at the opening price.
If the market is positive, these buy orders would have to push the stk price higher than this amount: [17.27 plus your double commissions plus your carrying costs] for you to make any money at all.
Carrying costs would be interest lost on your principal which would be tied up for at least 24 hours, from the day you bought until the day you would sell, presumably the following day which would be the X-date.
On the other hand, if the market turns negative, you would lose. If this hypothetical stock should drop to 16.98 in the first hour of trading on the X-date, please consider how you'd feel. Not a fun situation.
Experienced option traders, usually pro traders, sometimes do what's called a dividend play. When the number configurations are favorable, they buy and exercise the call option on the day before a stock's X-date, acquire the stock, collect the dividend and sell the stock on the next trading day. They understand exactly what their aggregate carrying costs are and what their risk is.
If this would be occurring in your stock pick, the selling force of the pro option dividend players would contribute to the negative market downdrift in early trading on the X-date.
Surely you don't want to be mixed up in all of this?