SVN and SVK

Dear Lazyweb:

I would like to take an existing SVN repository of a project (like say, Typo), check out a tagged version, create local modifications and save the modified version in a local/home SVN repository(my blog). Later, I'd like to sync up the local version to a new tagged version of the original repository (Typo), handle any merges locally and then check in the result into my local repository again. Rinse and repeat, ad infinitum.

Is SVK the right job for this? Has anybody done something like this? Essentially its the equivalent of creating a branch on a SVN repository but having that branch in an entirely separate SVN repository instance. I don't have experience with this, so I'd greatly appreciate any pointers anybody out there might have.