Hehe - to actually answer the question, though, the method you are describing might work with enough good planning behind it. Unfortunately, it doesn't sound like your lead dev is willing to do that. You will probably find that the amount of work required to fix the existing system is within a stone's throw of the work required to rewrite it.
I wouldn't call your described plan a "good" way of doing things, necessarily.
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Hehe - to actually answer the question, though, the method you are describing might work with enough good planning behind it. Unfortunately, it doesn't sound like your lead dev is willing to do that. You will probably find that the amount of work required to fix the existing system is within a stone's throw of the work required to rewrite it.
I wouldn't call your described plan a "good" way of doing things, necessarily.
Personally I think its a horrible plan, but I want to get feed back from people who are more experience them me.
I think we should rebuild with an experience architect leading the way, but it doesn't seem that the company sees that a reasonable.