I don't believe that is correct. From the delay section of the SRD:
"If you take a delayed action in the next round, before your regular turn comes up, your initiative count rises to that new point in the order of battle, and you do not get your regular action that round."
As for being a horrible idea, while you are technically not acting in the first round if you do this, functionally there is no difference between going after your opponents this round and before your opponents next round except for more flexibility in coordinating with your teammates. At least AFAICT.