Yes, yes it is.
The most important thing to keep in mind is the rate at which you increase the power of your skills. Sure, they can get stronger... but the SP costs go up as well. Done wrongly, you could rapidly increase your skills outside of your ability to actually use... or at least use in any meaningful way during long dungeons where you can't actually heal.
So, I'd raise your skills only somewhat... leave most of them fairly low (i.e. less than 1% of your SP, and primarily count the boost from equipment, since you can lose your levels through reincarnating...), but buff up at least one or two skills relatively high (10% to 20% of your SP is a good place to start) to serve as "Boss Killer" techniques where you really want to own the enemy without wasting time.