It seems to me that the most efficient way to earn 1 BTC for the average individual is to participate in a minimum wage job and then directly convert the fiat produced into Bitcoin by dumping it on an exchange. If the minimum wage job nets $10 an hour and you participate for 12 hours a day, you should (if my maths is correct) have 1 BTC in five days.

If 12 hours a day sounds too extreme, then I'm guessing you can adjust it so that putting 2 hours towards it everyday should be able to get you up to 1 BTC in 1 month flat, etc.
Has anyone here tried this method before? How easy was it? And how would this compare to say, using faucets or other methods of earning BTC?
Yes, your math is right, and many of us here have bought btc with fiat (part of our wages, or part of our savings which was accumulated from wages).
A side note is that, the minimum wage can be a lot lower, in less-developed countries.
you are right but companies in developing countries also benefit companies calculate and adjust the minimum wage for workers