I'd echo what others have said, this is very risky and the possible knock on effects of having to change your 2nd or 4th leg if something happens to the 1st or 3rd flight could be costly.

Heck, you are not even guaranteed that there would be space on the next flight you would want to switch to and all that, leaving price / fare difference and such aside. The connection time catered for should be much bigger (e.g. 4hrs or so) if you attempt this and even then I'd be a tad uncomfortable.

Theoretically, it is doable, but practically it is asking for trouble. Good luck if you decide to roll the dice.
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