There's nothing against it in publicly available regulations, but I'm guessing INZ might think it a bit strange - most people try to lengthen the time available rather than shorten it. Also, we know from people's experience that when someone on a work visa applies for Residence, quite often there is little action on it until their work visa is about to expire, with the thinking seeming to be, 'They're already legal and making their living - what's the rush, when others still need to get a first visa?' So you could find the same kind of no-progress.