Potentially yes, but it's dependent on what type of live rock you have. Remember that a lower mass:volume rock allows for a larger surface area:volume ratio, and that dense rock = less holes for bacteria to colonize. So Pukani rock would be amazing, while sheet rock would not.
I also think you'd eventually run into detritus issues in the lower layers of rock. This can be remedied by turkey basting the rock regularly, and regularly removing detritus from the bottom layers. Oh, and that only the top layers of rock may be oxygenated enough to allow for nitrification, unless you utilize a way of water flow that flows through the bottom and pushes water up. Finally, don't "pack" the live rock together too much; a little is fine, but if it's all stacked up neatly, then bacteria will have less places to thrive.
Maybe consider using sponges, bioblocks, or other forms of nitrifying media. Those may be superior to other, denser rocks (ex. Texas Holey Rock).