What about watford, leicester, southampton, norwich, crystal palace and ipswich?
All were prem sides who didn't spend much and look at them now.
At least three of them have had their fingers severely burned upon previous relegations from the Premiership, with CP bankrupt at several places and Leicester went into administration.
Ipswich did spend a fair bit after staying up in their first season (Finidi George, Matteo Sereni) and went close to financial trouble upon relegation.
I agree with Mr Angry - the risks of spending outside of the budget are just too great for it to be considered a viable tactic. Build it, build it well and build it slowly, if needs be.