Is it a good strategy to do regular 1031 exchanges into progressively higher value assets?

Yes, it is an excellent strategy to do 1031 exchange on a regular basis because under 1031 exchange the capital gain taxes get deferred from one investment property to another which you buy of higher values. Like if you sell the relinquished property and buy the replacement property of higher value, then the tax will only be charged on the difference value of both the properties.