halacha theory - Circumventing the conversion fuss by enslaving and freeing

Can a long path of the Orthodox conversion be circumvented by the following procedure*?

1. 
   

   Enslaving a Gentile person by buying from him/herself

   
   


2. 
   

   Dipping him/her in a Mikve before a Beis Din for the purpose of Slavery (circumcizing a male of course)

   
   
   


3. 
   

   Using him/her a bit

   
   


4. 
   

   Freeing him/her.

   
   

*seemingly (acc to Shu"A Yo"D) the Slavery is not fully abolished nowadays

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NB: This question was asked originally by @Clint here 5 years ago, but was closed as it included another question.