No, you would be operating on a slippery slope if you exclude your worldwide income in the manner you prescribe. The US taxes their residents on worldwide income and if you pay taxes in the foreign country, then the US tax liability may be reduced by the amount of foreign taxes paid on that income. This prevents double taxation when you are taxed by both the US and the foreign country. This is called the Foreign Tax Credit.
I stand by my original advice and that is to report the income and take the foreign tax credit. i would not recommend excluding the income by +/-. If you do report the income and exclusion in this manner, I wish you well but you do not have my blessing.
@Mizio
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