You are sort of right, except you underexpose by sqrt(number of exposures)
So if you wanted to do a 9 exposure shot, you under expose each frame by 3 stops, to get an even exposure for the final result.
However, moving around, you will be underexposed by that amount.
To get it to work, you'd probably need to light just yourself by a +3 EV light source, for each exposure, then move yourself and the light source around.
Any spill is going to overexpose the background a bit though.
It's a whole lot easier to do digitally :)
