Yes, poor content/no content can and will negatively affect your website's rank in Google. The Google Panda algorithm penalizes sites with poor/no content. As far as the 2nd part of your question--Yes, you can create a blog BUT Why would you create/write/post a blog that drives traffic to your website that you admit has poor quality? It doesn't make sense to me and I believe that you won't get very far in the online business world with that mentality.