Connecting two networks with two internet connections

Hi All
The situation is this. Two firms situated next door to each other and linked by their businesses and by their family ties, wish to connect their two networks together. They both have internet connections. The reason is for security, in the event of one internet going down they can use the other one.
As I see it, we could use a wireless bridge/repeater to connect the two ethernets together, turn off DHCP in both networks, and manually configure the IP addresses on one network to say 192.168.1.1 to 192.168.1.100 and set the gateway as the router address in that network, again manually allocated. Then on the other network set the scope to 192.168.1.101 to 192.168.1.200 with the router on that network set in this range.
In the event of failure of one internet connection, it would just require the gateway to be changed for those pcs to access the router on the other network.  I know of a little program which would do that automatically.
Would this work? If so which Linksys equipment would I need to bridge the two networks. I know some equipment will do the bridging and allow wireless clients to connect, so that would be useful, I know it slows it down by half, but this might be acceptable.
Will there be other problems rearing their ugly heads which I haven't considered.
The networks are not large, so manual IP configuration is not a problem.
Thanks

I presume both networks are using wireless connections.  If you can see your neighbour's network on your computer and vice versa, all you need is the passphrase to connect.  You may have to disable filter mac address in your router. 
Greetings from Northern Ontario, Canada

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