I've seen Norway blob out like that a few times, but they tend to fall apart soon afterwards - different-culture lords, long distances, lack of de jure vassal strength, and relatively poor counties to work with make them a lot less stable than most other potential lucky rulers. Plus they're almost guaranteed to get into squabbles with the HRE sooner or later, which quickly results in their losing all their troops even when they're a super-Norway.
I was seriously worried that they'd cobble together the money and piety to buy another kingdom title and then to empire.