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I don't believe that one approach alone is going to work and I see a flaw in your reasoning. Allowing someone in on guest worker program guarantees that they have protection under the federal laws to get a fair wage, if minimum wage. There's a better chance that we can avoid the slave labor with guest worker programs. We can control it for those who play by the rules.
As for open borders, the unlimited availablity of any work force is going to bring down wages. You can't have open borders, because we really don't have as much work as you think we do for all these people. There's lots of Americans who will work for a fair wage, and we should be taking care of them first. Just as the countries of the illegal aliens should be taking care of them.
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