We are stronger as a country by reaching out and growing; political common interest with Mexico will be based on economic interest. Trade in labor and good with Mexico needs to be legitimized by a practicable system of work visas, that would help both countries account for economic activity and increase the security of both countries.
Right now the illegal immigration situation is creating a vulnerability for this country; illegal smuggling of *anything* -- whether labor or goods -- creates an opportunity for smuggling inidividuals that are hostile to our country. We can eliminate this risk to national security by giving illegal immigrants a real opportunity to arrive here in a documented, acceptable way. The only people who do NOT win in this scenario are businesses that knowingly hire cheap undocumented labor and deprive them of benefits paid to legal workers. I say, offer all illegal/undocumented immigrants the chance to obtain a fixed-term, conditionally renewable work visas, now.
Check into the history of the Bracero program and the current situation in Germany with their "temporary" workers - there is no one so permanent as a guest-worker. You might also check into the history of "Operation Wetback" - the forcible repatriation of Mexicans who were admitted under a guest-worker program such as you envision.
Do you also plan to sterilize the participants in this program? Do you believe that they will not procreate and give us a crop of anchor children? What would be the cost of educating these children - the taxes that they would pay would not cover the additional cost to the taxpayers. How much would this program cost in TANF benefits?
Does your plan envision employer provided health insurance so that the cost is nor fobbed off on the taxpayers? Is so, would you extent this requirement to the native-born worker? Have you considered the effect of such a program on the average wage of the lowest paid American worker? What would be the cost to the American taxpayers of providing unemployment insurance and welfare payments to this group?