I've done this with positive results. I've played a handful of hands at 50nl chasing some donk who was paying me off nicely at 25nl. I played one orbit, doubled up off him and he didn't reload so I fucked off very quickly.
I had position on the guy I was chasing, I doubt I'd have taken a seat to his right. I'm not sure the others knew how bad he was. I was not interested in getting involved in pots with the others unless I was particularly strong.
That said, it's a bad idea to step up before you're ready. If you can afford to lose a single buy in and still be sufficiently rolled for your usual level, then it's a risk worth taking imo if the villain is bad enough.