It's pretty rare that I set out preflop with rags, with the intention of bluffing it out. However I will use signs of weakness to attack on a dangerous pot. Get re-raised? No big deal, just cut your losses. I think you are right that most of the time it will work out and it is profitable to do this occasionally. Just don't overdue it to the point where people will pick up on it.

And, in your example, it was more of a semibluff. Sure you didn't hit anything on the flop, but you probably have the best hand anyway.