I use this one pretty regularly between takeoffs. Normally ATR following a Dash so the preceding would be expected to outclimb the following. I get 2 rates of climb out of the first one, up to 10,000', and then above that. The 2nd flight gets restricted to those ROC's. For protection, we're required to have the 1st through at least 2000' before the 2nd takes off, and we're required to check vertical sep each 5000' or 5 min, whichever is more frequent. Works a charm.
Normally, by the time the 2nd leaves the first is already through 7-8000', so they get unrestricted climb for a bit. I may even get 20D between them eventually.
Anyhow, to answer the original question, yes it's acceptable, and perfectly safe when done right (and we always do it right don't we!).