Absolutely. *GETTING* to orbit, from a mass and technology point of view, isn't a huge hurdle any more. It's getting there affordably. Elon stated a $50M Falcon has $200,000 worth of fuel, or 0.4% of the launch price. All the rest is split between building/refurbishing the rocket in the first place, launch prep (largely labor driven), fixed overheads (buildings) and profit. If you soft-land, theoretically you're "building" once, and doing a lot less "refurbishing" because there was no jolt from a parachute landing, or corrosive salt-water to clean up. SpaceX is hammering launch prep costs already by being able to setup and launch a rocket in days not weeks/months. By reducing these costs, you're able to sell cheaper and launch more frequently, which drives the overhead allocation to any one lauch down as well.
In summary, while you may get a lower mass fraction to orbit by having soft-landing lower stage, the amount of money/equipment lost per launch is less, making the whole setup cheaper. Drop some extra coin on fuel to get more into orbit, it's still cheaper than a smaller, higher mass-fraction throw-away rocket.