Overbidding to reach a desired position is one of the AdWords stratedgies that has to be carefully thought through before implementing as you can lose money and gain nothing.
There are two you have to know before trying such a stratedgy.
Do you have an ad with an exceptional CTR rate that you feel will do well for this KW? If you don't, then you first need to make some ads for similiar KWs or use exact match for that keyword which will gather enough impression to sort out the good from the bad ads. This is not a time to experiment with new ads - you need something thats already proved itself.
Secondly, you need to know how much you are willing to lose in the short run to gain the long term position. As G reporting stats are a few hours behind, adjusting an ad right as the stats look favorable doesn't mean that in real time your ad actually has that position.
Depending on the amount you're willing to lose, you can raise your daily budget to the amount your willing to lose if its not a lot, or the amount your willing to lose divided by number of days you estimate it will take to gain that position. (i.e. if the number is $5000, setting a daily budget for that campiagn to $1000 and letting the ad run for 5 days before resetting your daily budget) would work.
The other factor to keep in mind is that when you lower your max CPC, your bid rank will fall. If the CTR is good compared to the other ads, your position may not fall much, but its possible that it will fall several positions.
This stratedgy can work, just make sure its well thought out, and you can afford the loss in case the stratedgy doesn't work as much as you'd like.