It is but I think it would be cool to let a level one user publish but be put in a holding pattern like we do with comment moderation.
That way the level one user is saying this is the finished article and they know they have published and admin also knows this is the finished article.
To me drafts are exactly that drafts. If I tell a level 1 user who adds to my site to save their final item as a draft. It may confuse if they actually want to save early ideas as drafts before the final.
I have a few people who post to my site but I would like to moderate before they go live.