Well, I've seen it done for real at Cass WV. I was only there once but if remember right the leads into the switches were what I would call simple grades as opposed to combination grades. By that I mean the going into and out of each switch the track may not have been level but it was close to tangent track. If the track through the switch was at a grade it was not also on a curve. I think this would follow through to model work as well.
The biggest thing that I think will be difficult to pull off will be to may it look visually appealing. If the tracks are all at the same height difference it will look like ladder. If you are basically climbing a wall that would likely be fine. If you have a mountain to go up I would try to vary the height differences between the switch backs. Also it would probably look good if the track coming off the point end of switch ( can't think of a term for this section ) curved around the mountain. This may also create a neat opportunity for an occasional side track with some logging cars staged, or a mountain camp scene with some bunk cars and a cook shack.
Overall I think its do-able but technically challenging.
I also think a trip to Cass would be essential for bonified research!!!
Overall, very cool idea!