I like the idea. But instead of just "lots of squats"(ho hum, and not really very slimming, IMO), emphasize some 1-legged work (1-legged deadlifts, 1-legged squats) and moves that work stabilizing muscles to burn more calories and work the deep down support muscles of the leg for good muscle balance.
Adding plyo moves (not high jumps or tuck jumps, but speed skater moves, squat jumps, etc.)would be great, too.