That is a good solution. Walrus.
One that I use is simply to put the blog in a directory and put a warning page on the root. There are several advantages to this, one of which is you have two distinct parts of the domain on which to do link exchanges. It also provides another page on which to exchange good links.
Following is one of the sites I do that on. It has an SEO landing page in front, and a link to the blog at the bottom.
Older Women R Us
I intend to add a small review section in another subdirectory.
I have also experimented with having the blog on a sub-domain and that has other advantages and disadvantages, but really does not address the core root issue of a warning page.