Yeah, that's it. Tank for six straight years until you finally get to a place where you have an outside shot at making the playoffs. That's definitely the way to go.
No, tank for however long it takes to assemble some highly valuable young assets, and perhaps a young franchise star. Then you use those assets to put together a competitive team, along with free agency and whatever else is at your disposal.
You need that foundation first, though, and the foundation is always built with high draft picks. That means being bad for a couple years, at least.
The Timberwolves are an exciting, talented young team, but I wouldn't use their method of team building as a model for how to build a champion.
No NBA champion in at least the last 15 years has built their championship squad by missing the playoffs for 6 straight seasons to build up assets. Of course, you need assets and when you do get into decent draft position, you need to be a combination of lucky and good to find the right talent.
By your preferred method, the Kings, the Pistons, the Wizards, the Nets, and the Bobcats should all be knocking on the door by now.