Read an interesting blog post by Chris Brogan the other day. It was a about people abandoning their blogs and started using other vehicles to build their name & generate leads and sales. Of course, blogs are not a vehicle from which you will see fast results in leads and sales. You have to treat a blog as a loss leader, leading to other things that make money.
Content you publish on your blog show the way you think and the knowledge you have within a certain area. It also makes it possible for people to get a feeling for you as a professional without having to interact with you directly. Since most people today use search engines as a starting point for research, blogging makes you visible and build on your digital footprint.
Thus, disintegrating the blog from your channel mix might be unwise. Instead think about how the blog fit into the mix and have a solid strategy for the content you produce and how to create revenue streams in later stages.