it will work, but you can be a bit more controlled. grow your male elsewere cover it with a plastic bag when you harvest it. then take it inside and harvest the pollen off of it by hitting it agaist a screen to collect the pollen that falls through. use a fine paintbrush to apply the dry pollen to a few choice branches and mostly only these branches will have seeds still giving you hundreds of seeds while at the same time giving you smoke on the other branches. remember pollen can travel miles and will stick to your cloths so be careful not to accidentally pollinate plants you want to keep sensi.
a seeding plant needs a balanced nutrient regimen not just phosphorous or nitrogen but an even mix of flowering and vegging nutes will work
when breeding your seeds will not all be the same, some will be just like the mother, some just like the father, and some will be a mixture of the two to different degrees. out of the seeds you make pick a new mother and father that display the traits your looking for in the bud and breed them to begin to stablize the strain, after a few seasons you will have a crop of seeds that are all relatively similar and display your favorite traits, ie the high you like, the smell you like, sative/ indica ratio, etc.
good luck maybe you will make a killer strain