Aussie Millions - Jan 2009 - Day 2 - Super satellite

Played in the super satellite for the $10,000 main event today. I don't think that the format of this is very good.
The buy-in is $200 with rebuys for the first 3 levels which are 30 mins each. You can do a double rebuy any time and a triple rebuy at the break after level 3. You get 1000 chips for $200 and the blinds go 25/50;50/100;75/150.
I am not sure what the best strategy is - but this tournament rather plays itself for me.
In level 1 I pick up KK and raise to 300 after 2 limps. I end up all-in against AT and A5 (??) so I triple up. I then fold everything until level 3 when I have 2500 left and pick up AQ suited on the button. There is a call followed by a raise to 300. I go all-in and am called by JJ which hold up.
I rebuy for 1000 and get nothing. The last hand before the break I have 750 left on the button so after all fold I go all-in with K5. Unfortunately the BB has AA.
I decide to do a double rebuy so after the break with blinds 100/200 I have only one move with my 2000 chips. After a few hands the big stack to my right makes a standard raise to 600 when I am the SB. I look down at A4 and decide to make a stand. He calls showing KQ and even though he flops a K I turn A to double up.
I move tables but when it is my button and I pick up AK after a standard raise the BB puts me all-in. I am happy to call until I see his AA.
There were 70 runners and we were competing for 6 seats - but really I was struggling at the break. I think perhaps I would have been better off paying an extra $200 to enter a proper satellite costing $1000.
Perhaps a better strategy is to start with 2000 chips for $400 and never rebuy - but look to double up early. I may try this tomorrow....