Celebrim
Legend
Now the question really is, can a group of 4th levels handle this?
If the first level is a 4 dungeon, and the bottom level (the eighth) is about a level 8, and you made it according to the DMG tables, then you should be about ok.
If your first level is level 4, and the second is a level 5, and the third a level 6and so forth with the bottom three levels being a 10th level dungeon, my guess is that you don't have nearly enough monsters and treasure in the dungeon to level up from 4th to at minimum 10th level.
Or perhaps the 1st level is a 1st level dungeon and it goes down to an 8th level dungeon. In that case, if you stuck to the tables you might be mostly alright, but the upper half of the dungeon won't be particularly challenging to the group. A party of 6 4th level characters won't have much in the way of a challenge when the worst thing they face is an isolated band of 6 goblins, or something of that sort. You don't want to be 50 rooms into the delve before the PC's are into a real fight, as boredom could set in before that.
Count the treasure you have available on each level. Multiply each total by about 1.6. Figure out how much XP it takes for your party to get from level 4 to level 5 (usually, about 8,000 XP per PC). Now, if the total we got earlier isn't at least this number, the dungeon level isn't big enough and you'll need to either expand it or get more generous with the treasure. For example, if you expect the party to reach 5th level by the 3rd level of the dungeon and you have 6 PCs, you need at least 30,000 g.p worth of treasure on the upper two floors and probably a bit more than that. Keep in mind that magic items are treasure and yield XP on acquisition per the tables in the DMG.
My preference would be expand. I think you are a little on the small side depending on where you think you will finish at. I think you need to be 25% to 33% larger. You might even want to be a bit larger than that (270 rooms?), because its nice for PC's to not have to feel they have to explore the whole dungeon to accomplish their primary goals.
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