Yes you can.
I just tried this with a 1:100K raster topographic map and 1:250K and 1:1m topos as the "overviews". Works fine.
First I ensured each raster had the same extent.
Then on Windows I had to resort to renaming the smaller scale tiffs to "topo100k.tiff.ovr" and "topo100k.tiff.ovr.over", etc. as I didn't want to install ImageMagick or Irfanview to create multipage TIFFs.
On Linux I was able to just use the tiffcp
utility to create a multipage TIFF to use as the overview file.
tiffcp topo250k.tif topo1m.tif topo100k.tif.ovr
The result:



> gdalinfo.exe topo100k.tif
Driver: GTiff/GeoTIFF
Files: topo100k.tif
topo100k.tif.ovr
topo100k.tif.ovr.ovr
topo100k.tif.aux.xml
Size is 15911, 7912
Coordinate System is:
GEOGCS["WGS 84",
DATUM["WGS_1984",
SPHEROID["WGS 84",6378137,298.257223563,
AUTHORITY["EPSG","7030"]],
AUTHORITY["EPSG","6326"]],
PRIMEM["Greenwich",0],
UNIT["degree",0.0174532925199433],
AUTHORITY["EPSG","4326"]]
Origin = (146.287552142133137,-42.425406934716420)
Pixel Size = (0.000134582559863,-0.000134582559863)
Metadata:
AREA_OR_POINT=Area
DataType=Generic
Image Structure Metadata:
COMPRESSION=JPEG
INTERLEAVE=PIXEL
Corner Coordinates:
Upper Left ( 146.2875521, -42.4254069) (146d17'15.19"E, 42d25'31.46"S)
Lower Left ( 146.2875521, -43.4902241) (146d17'15.19"E, 43d29'24.81"S)
Upper Right ( 148.4288953, -42.4254069) (148d25'44.02"E, 42d25'31.46"S)
Lower Right ( 148.4288953, -43.4902241) (148d25'44.02"E, 43d29'24.81"S)
Center ( 147.3582237, -42.9578155) (147d21'29.61"E, 42d57'28.14"S)
Band 1 Block=128x128 Type=Byte, ColorInterp=Red
Min=0.000 Max=255.000
Minimum=0.000, Maximum=255.000, Mean=189.173, StdDev=44.290
Overviews: 6692x3328, 2381x1184
Band 2 Block=128x128 Type=Byte, ColorInterp=Green
Min=0.000 Max=255.000
Minimum=0.000, Maximum=255.000, Mean=200.430, StdDev=45.143
Overviews: 6692x3328, 2381x1184
Band 3 Block=128x128 Type=Byte, ColorInterp=Blue
Min=0.000 Max=255.000
Minimum=0.000, Maximum=255.000, Mean=191.235, StdDev=57.065
Overviews: 6692x3328, 2381x1184