Yes, BUT you should make certain that the updateable table(s) are the last added. You must also ensure that each view is flagged as updateable(appropriate fields) with send sql updates = T. It is a very good idea to use on update triggers to ensure data integratity or cascading changes. The lowest level tables, (the first views in the hierachy) should be ones that very seldom change the core data. I.E. a table, STATE, will likely only have 50 records for a very long time, but a record above it may change state frequently, simply by changing the foriegn key to STATE.
A lot depends on the usage you will need for the data. The sub-views should be static while the parent view is active.