Using DNS as a fail over is not a good solution at all, either dyn or static.
Here are the problems I see with your plan:
I plan on using two internet connections with a dual WAN router to setup a web server at my house
It would probably be cheaper to rent server space than to own two internet connections. You could probably get a dedicated server for that amount.
Normally I would configure the domain CNAME s the static ip address of my router.
CNAME records are name to name records, they do not point to an IP address. So you would have to have an A record somewhere in there.
However, I want to have 2 internet connections so I'll have failover protection and load balancing.
Depending on the router you purchase this may or may not be true.
So that's why I'm considering going with a dynamic ip address and dyndns with 2 internet connections OR a static ip address with 1 internet connection.
I dont think Dynamic DNS works the way you are thinking.
My suggestion would be rent server space, unless there is some reason you insist on having it at your house.
