For that level, yes
This is mostly of use for PrC qualification and low-level skill cap manipulation in feat-tight builds.
I haven't included it in my Early Entry Handbook
mainly because the perceived level of cheese doesn't give enough umph:
1) the skill cap is still there upon gaining the next level, so going to a second PrC that requires even higher skill rank amounts (in that same skill) will mean you will have to shuffle feats around, possibly loosing (although it is temporary and can be fixed with yet another Psy Ref) the feat prereqs for your previous PrC
2) When this is most beneficial is at low levels, but repeated manifestings of Psy Ref will eat up money spent on other things that can help your prereqs
Basically it works but it feels even sketchier than swapping out a feat - sorta like rebuilding abuse. I just like my characters to be able to fill the prereqs continuously. Feel free to request this added to the handbook though.