We've "sort of" done this...had one (very last minute) trip two years ago where the first 3 nights of a 7 night reservation required us to move (OKW to SSR to BWV Preferred to BWV standard)...
Disney transfers your luggage...just take it to the bell stand (or have them come get it)...prepare to tip at each point (I tip $2/bag)...the intra-resort transfers take place between 1 and 3...you have to be in your room to have your luggage delivered (unlike ME which will simply drop off your luggage whether you're there or not)...
So, very easy...
BUT...between having to wait for room availability at the "new" resort (and it can be as late as 4) and having to be there to get your luggage (and possibly wait til the Bell Stand has the time to get it to you), you do wind up "homeless" and "luggage-less" for most of the daytime hours each day...AND, those tips can add up! You "have" to tip when you drop the luggage off (or have it picked up) and again when you receive it...for us, at $4/bag ($2 at drop-off and $2 at delivery) for 4 bags for 3 days it came to $48 (assuming my math is correct, and it may not be!)...
If your plan is to spend the entire day in a park, it's easy, convenient and no biggie...if, however, you want to spend some mid-afternoon time hanging out at the resort, then not having a room or your stuff can be an issue...
But if I had a choice between losing points and doing a trip that involved multiple resort/room changes, I'd go w/the trip, hands-down!!!
Good luck...