I'm very interested in attempting arbitrage via Coinbase to MtGox.

I'm well aware of MtGox's international bank wire withdrawal backlog. How long are the domestic Japanese banks deposits from Gox taking? I've read a few forum users claim it only takes a few of days, is this true?  I have a trusted Japanese friend currently living in the U.S who has a Japanese bank account.

What if......

I buy 50 BTC on Coinbase everyday...

My friend starts a Gox account and Sells my bitcoins on Mtgox...

deposits funds to Japanese domestic bank account...

Japanese friend wires funds to my US bank account, or potentially, my friend's Japanese bank may have a branch in US linking to Japanese domestic account allowing us to withdrawal cash in US.

With the current $10 price spread, we'll make $500 per transaction minus coinbase/Gox/bank fees. Will this work??? Can my friend open a MtGox account using an US ip address or does it need to be a Japanese IP address? What tax liability is there for this kind of activity? How long would the round trip of funds take?

Anyone have anecdotal experience executing a similar process, please share and thanks in advance.