Yes, go for it. It will be fairly unlikely that you would get to the very top levels, but you can get to a reasonable position I think, especially if you put the work in regarding fitness.
I would always try for promotion as it will give you assessments, which will give you advice to make you a better referee, especially if you are keen to learn from the advice imparted. Adding to your development is always a good thing.
Also, if you do get promoted, you may get the opportunity to work as a team with other referees, which is sometimes a good social moment, but is also a great chance to learn even more of the trade. If you're lucky, it will also get you onto the field in a higher level of football.
Plus, in some areas, getting promoted or being on the promotion track will open up further training opportunities and seminars to attend, which will grant you further instruction from more senior figures in the game, and again more improvement on your part.
Basically, go for it if you want to get better at refereeing.