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I have quite a bit of experience with Reddit.
Traffic is traffic, does it convert? If you're creative enough. Will traffic to a tube convert? Likely not. But traffic is traffic. CPC/CPM will work best for the method you described, but many Redditors use Adblock.
Many subreddits will ban you immediately for posting a source in the comments, especially if you're site is not well known. Most typically only allow sources from the major tubes.
If you do some digging and find a small to medium sized sub with low moderation, you can get away with sourcing your site, however...the Reddit community will downvote it to oblivion if you're site is filled with banners, popups/unders, redirects, etc etc.
If you post TOO much, you run the risk of your domain being banned site wide. A good ratio is 1 to 7. 1 post with your source for every 7 random other submission that include no promotion of your site whatsoever. I find its usually good to mix in some submissions with sources that go directly to a major tube site. This way, when a Redditor decides to dig through your post history, you look like a genuine porn addict, not a spammer. (Redditors WILL do this and call you out on it...so be careful)
The best way to get around ALL of what I mentioned above is to start your own subreddit. However it can take quite a bit of work. It's taken nearly 4 years for one of mine to hit over 600,000 subscribers.
Good luck!
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