Yes you could Boo. Think about it, if you enjoy one tank then two tanks must double the enjoyment. Three tanks trice etc. etc.
TheFishWant, depending on what type of other fish you have in the tank and providing the young grow well, you can let the young go at 2/3 weeks if there is no fish bigger then a female guppy.
Despite guppies doing well on dried food, they will do a lot better on live food. After all, in the old days guppies where known as mosquito fish. You might want to consider getting a setup to breed brine-shrimps, very easy. Newborn guppies can just manage freshly hatched brineshrimp and they will grow a lot faster.
If you are looking at breeding for a particular colour watch the young males and remove when getting mature. They can develop a gonopodium as early as 6 weeks and fertilise all the females, which can have several spawnings from one mating so spoils them for future selective breeding.