If you check out the posts of Queencougar on the post-June-26 thread, her husband did exactly that. He is in IT, spent a few weeks telephoning companies to pre-book some interviews, went over to Canada for a 2 week holiday and secured a job whilst he was out there. The company were most supportive about getting his LMO, and they have now got him a renewed LMO for 2 years (since their PR application has not been finalised yet).
Of course, FSW1 makes things easier - since you are not tied to any one company whilst your application is in process and you get all the hassle of the residency application out of the way whilst in your own country. But you do have significant settlement funds to find, and there are a limited number of applications per NOC even if you are eligibile (that number has been halved to 500 this year), so FSW1 isn't a bed of roses either.
Currently our house is under a fixed rate mortgage which expires on 1st August 2011 (about 5 weeks from now) - so we were not in a position to emmigrate until after this date. Prior to June 2010 we were all prepared to have to go down the FSW2 route, and I would have been doing a similar thing to Queencougar's husband. However, last year my wife's industrial pharmacy occupation made the in-demand list so we took the opportunity to go with FSW1.
But had this not been the case I would certainly not be deterred because FSW2 is definitely possible - it just takes some hard work, motivation, and I guess a little bit of luck
Wayne.