This is a good idea, but it can also lead to burnout. Our kids take a lot of assessments (too many, IMHO), and they start to get cynical really fast. Our school does a comprehensive assessment at the beginning and end of the year to track overall progress (in addition to smaller-scale techniques like the ones you mentioned), which would be fine except that there are so many government-mandated tests* that also have to be given that students start to burn out.

Most professional educators have a pretty good grasp on the pedagogical practices that stress small, repetitive checks for understanding, which-- you're right-- works far better than massive, mind-numbing tests that demand significant student effort.

*Of course, we get the results from these so late that it doesn't give us the ability to make on-the-fly judgements.