Switching from normal Ultimate to getting the 1:1 3 year conversation rate.

So I currently have regular Ultimate (14.99 a month). I basically pre-paid a year ago on discounted codes to get it down to like $8 a month, but that year just ran out.
My question is, if I cancel my current subscription of ultimate, buy 3 years worth of gold, use the upgrade for a $1 feature would that work? Or is it only for accounts that haven't had Ultimate in the past?
Big Thanks for any help

:)