The tags themselves only support 2 connections and final destination, but I flew MEL-SYD-LAX-MIA-MCO and they just put 2 tags on, no manual tagging so had

via SYD
via LAX
via MIA
on one tag and just
MCO on the other

FWIW the bags got stuck in MIA, but think this was due to short connection and MIA is a bag vacuum in general!