Not sure if an OTA update will require the previous update before it will download the current update. I would hope not I would like to think that the OTA would see what version you are on and upload those file to you, could be wrong thought. Now if you are interested in flashing the update yourself, then yes you can flash any version you want. You can even flash KitKat back on it if you want. Food for thought here are a couple links for you to look at.
Factory Images for Nexus Devices:
You can follow the manual method or you can go to WugFresh website and download a program for your PC and use it to do the flashing with a couple of clicks.
WugFresh website download: