Ad blocking is very expensive. The iOS approach is the best idea. Have you seen the cost in memory and CPU of browser ad blocker extensions? That's prohibitive in mobile.
I'm not sure what the practical limits are on host file size, but I just checked my phone with up to date AdAway lists and it's sitting at 56429 lines (with about 10 or so of those being comments)
Have you tried Firefox and uBlock (maybe uBlock0, I forget) on a reasonable Android phone? It is amazing, and vastly superior to any other mobile browsing I've tried. Including Safari on an iPad.