Hi Vorde,
The construction you describe doesn't work because those don't obey the usual rules for vector addition/scalar multiplication. However, you can use basis vectors that are compatible with cylindrical coordinates. The usual way is to define \hat{r}, \hat{\theta}, \hat{z} to be unit vectors pointing in the radial, angular, and axial directions respectively.
You don't express a point as a combination of these vectors. You express vectors as combinations of these vectors. Note that the direction of these vectors depends on their basepoint. In rectangular coordinates, it makes sense and is more or less conventional to consider two vectors the same as long as they point in the same direction and have the same length. But in other coordinate systems, the basepoint of the vector cannot be ignored. The radial vector, for example, changes direction when you change its basepoint. So if you have a vector V and you want to resolve it into its radial, angular and axial components, then those respective components depend on the basepoint of V. For example, suppose V=\vec{i}. Then if the basepoint of V is at (x=1,y=0,z=0), then its radial component is 1 and its angular component is 0, i.e. V=\hat{r}. But if V is based at (x=0,y=1,z=0), then its radial component is now 0 and its angular component is -1, V= -\hat{\theta}.
The important thing to notice is that these are not free vectors in the sense that you can translate them around the plane. They are bound vectors which are "bound" to their basepoint. The reason is that the direction of \hat{r}, for example, depends on the basepoint. If you move from one point to another then the radial direction changes, so \hat{r} changes along with it.