You wouldn't get the cool Slinky effect thing going on. The pasteboards would be too stiff.
But if your goal was to create a solid block of "carve-able" paper, yeah, some uncut sheets glued together into blocks would work well. However, you'd want to use sheets without the graphite in the glue between the paper layers. The lines it would create in the finished product might not be very appealing.
Hell, I have the tools to do it myself. I just lack the work space and the artistic talent - y'know, the little things...