I seriously doubt if Adwords will let you point to a site with Adsense on it.
They do. And doing so isn't necesarilly sinister. For example, I have an information and community based site about crime. I began running AdSense ads on select sections of it several months ago to help defray the cost of operating the site and its associated offline activities (it's mostly a public awareness and support site). I've also run Adwords campaigns for it in order to build awareness of non-revenue generating services we offer.
In my case I'm not trying to play a numbers of game of converting Adwords traffic in AdSense revenue. And I don't think there's anything wrong with that if fraud and TOS violations aren't involved and the Adwords campaigns have enough relivency not to dilute public perception of Adwords/AdSense.
BTW, this is my first time posting to this forum. I've been posting to the AdSense forum for some time and have done some lurking here, but since I am an Adwords advertiser and intend to use it more for my own projects and those of clients I'll probably be stopping in a lot more.