This would work if you created a new section and then updated the listing to point to the new section. However, if you're using student caps, the students from previous sections still count against the cap, so you'd have to manually update the cap by adding what you want the cap to be to the amount of students in previous sections.
We were doing this initially and between the student caps and making sure people who enrolled for the next section while the existing section was going didn't have access to all of the course material it was a mess to manage. We finally opted to create new course shells and new listings. And now that Catalog allows for Duplication of Listings it will be much easier going forward.
Oh, and I should add that when looking at the analytics, they only show the course id and not a section id that someone enrolled in. So there's no way of knowing, besides the date of enrollment, what section they enrolled in.
