I have topped up before, yes, both in AG and partial mash / extract scenarios. But...those are to reach volume targets.
Personally I think your plan of adding water as you go would work, and the best way to do find out is to brew a batch and see if you get the bitterness you're seeking.
If it doesn't, well, there's a good excuse for a turkey fryer and large pot or keggle combo so you can eliminate the problem once and for all.
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