That is basically what I did. I have a short pixie cut and have been coloring my hair for years. But for the last few years, I have not been happy with the color. My dad (and others!) always said women needed to color their hair so they would not look old, so that was ingrained in me from an early age. A few years ago, I even developed a horrible allergy to hair dye and had to find a salon that uses an allergy free dye (Wella). But I was determined to not let my gray show!
A few months ago, I decided to start adding in lowlights to cover up the bad dyed color and let the gray grow in as "highlights." Then we gradually decreased the lowlights. All of the dye has grown out now but I may go back and add a few highlights and lowlights again just to punch it up a little. I'm pretty salt and peppery but not as gray as I thought I would be. Since my hair is so short, it didn't take long at all to grow out.