Is it possible to use pages to apply static content to each taxonomy level?

I’m thinking of using a taxonomy archive template to list out my taxonomies and entries (I’m using a hierarchical structure) and then combining this with the WordPress pages module to apply static content to each taxonomy level.

Each level will essentially have its own page and will list either its children or entries (posts). The idea I had was to create a page with the same slug as my taxonomy and then assign the taxonomy archive template to this page.

Just wondered if anyone had done this before, or if its even possible.