the time delay that will cause for the transactions to show up in the blockchain would limit your abilities.
If you send .0000001 bitcoins with each transaction, then starting with a balance of 1000.0 bitcoins would allow you to do quite a few transactions while you are waiting on the others to mature.
So is there simply nothing currently in place to stop a bit-flood?
We all charge a fee of .01 for transfers less than .01 right now. Not that that changes the issue fundamentally, just stating it.