Alex,
You would probably end up with a mess, lets say you had 2 cheaters one at 60 one at 50 and the main line at 70 and you catch a fish on the one at 50 I would say that the other cheater and the main line would probably get all rapped up when reeling in the fish. On the bright side you could simply cut the line and make up some new ones after you get the fish in. I definately wouldn't run anything that spins like a spin doctor or flasher on any of the lines if your gonna run more than 2. Another option would be a Seth Green rig...do a google search on it and see what you think, the only thing with a Seth Green and personally I have never used one, is that it seems it would be hard to fish one by yourself because you have to take each leader off as you bring the fish in.
Tom