Nilesh,
Yes you can do that. Better would enabling AAA and limit the user access. But if you dont have any TACACS or radius server, you can use the priviledge level command. You will have an administrator overhead in this as you ahve to manually add the commands and have to think a lot.
First create the user level password and then use the same user level in the command.
router(config)# priviledge line level 5 show interface
router(config)#priviledge line level 5 config terminal
etc.
HTH,
-amit singh