Yes - that is what I do. I start with a 1L flask and I do that first small starter (200-300ml) to get activity going and then let it ferment out and settle out. I decant as much clear liquid off as possible and boil up 500ml of 1.040 gravity wort - dump it right in on the freshly decanted small starter. Let it ferment out again and decant. I then use a 2L flask and make a 1200ml starter (1.040) and if everything looks good, I may pitch that into a batch of blonde ale (1.040) gravity. If it looks like it is still on the small side, I might do one more step ..... crash the 1200ml starter, decant and add another 1200ml of wort. I am never in a big hurry to go from a can of beer into a batch of beer..... My step up might be over the course of 2 weeks sometimes.
When I pitch into beer, I always pitch an entire, actively fermenting, 1L starter. I don't decant.
Also - personally, I would recommend that your first pitch off of a starter you take up from a can of beer goes into a small beer (I do a blonde ale). Low hops, low gravity. Makes a good house beer. The yeast has an easy time with it, and then you can collect 4-6 jars of yeast pretty easily that you can turn around and use for your IPA's and beers that are a bit bigger.