You've basically just described interlacing. For instance, interlaced PNGs start with a 1/8 scale pass/frame and fill in the remaining pixels with the following 6. (Frames 1-5 would be required for a 1/2 scale image.)
Re:Building a New Image Format
by lobster_johnson on Wednesday November 21, 2012 @11:13AM
(#4814778)
Unfortunately, because of buffering I believe this would still be inefficient. Also, it would screw up HTTP keepalive. A better way would be for the browser to fetch the header first by using the HTTP "Range" header, and then fetch the subrange it needs, but that adds one roundtrip just to get an image.
(Just a guess.)