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Sounds like a great idea. For 2013 I've already planned other trips, but I would like to return to Iceland in 2014.
If you have a very limeted amount of time (less than one week), I would strongly suggest to concentrate on one area and not drive around the whole island.
My recommendation would be to stay either north of Reykjavik (Geysir, Gullfoss, Haifoss, Hraunfossar, Hveravellir, ...) or at the Vik i Myrdal area (Dyrholaey, Skogafoss, Seljalandsfoss, Svartifoss, Jökulsarlon, ...).