No man thats a bad idea.
I know a quicker one.
We know the condition for tangency,
c=±√a2m2+b2
Substituting in y=mx+c,
lets rearrange the equation to get a quadratic in m.
m2(x2-a2)-2xym+y2+b2=0
From the theory of quadratic equations we have,
Let roots be m1 and m2.
Now m1+m2=2xy/(x2-a2)
Now put m1+m2=5,
And we get,
5x2-5a2-y2-b2=0
Voila !!
You locus is ready.
:)