In general, yes, I think that would be okay. I think it would be a mistake to create separate sections for each level. Overall your achievements within a single company should not be organized chronologically, but by what you want to show off. This may still be mostly chronological as you take on more responsibility/leadership.
Now, I don't object to adding a line like: "promoted twice from Software Engineer 2 to Staff Software Engineer" or whatever, which I think is a good middle ground (and I would put this as the very last, least important entry for that company)
Now, I don't object to adding a line like: "promoted twice from Software Engineer 2 to Staff Software Engineer" or whatever, which I think is a good middle ground (and I would put this as the very last, least important entry for that company)