No.
It is an awful idea.
So far as we know, raising your Cryptarch level does nothing but get you more engrams to give to the the Cryptarch, so that he can disappoint you more.
Guys- the sooner you start looking at the Cryptarch as a villain the more you'll enjoy this game.
My friends and i all do our Cryptarching together so we can all laugh at eachothers misfortune. Fuck the cryptarch.