Perhaps. Though they'd still be spider-like in design; better mobility and balance (both for recoil from its own guns and for withstanding artillery fire).It would go down to field guns rather quickly, possibly before it even gets the opportunity to attack the enemy. It might give rise to smaller forms of legged locomotion; steampunk AT-STs?
There was a book series that featured this, actually. Leviathan by Scott Westerfeld.