Newcastle are just as big a club as Man City were pre dodgy nation state takeover, probably bigger.No, they won't. Absent a couple 100 million/year sponsorship deals they will be around 250ish. Will they get there in 2-3 years, if they continue to qualify for CL? Probably. But they will need to continue to qualify for CL. Not a guarantee, especially since next season they will need to juggle league and Europe, something that they didn't have to worry about this year.
There are ways to skirt FFP, but to do it so as you suggest is not one that will not have repercussions. And they are Newcastle, after all, not Barca or City. I don't think the governing bodies would be as hesitant to slap sanctions on them as they would to the established teams.
They will more than likely simply try to fiddle their way forward as City have.