PVC pipe transition from 1 1/4" to 3/4", in lawn application - will joints hold?
I believe a direct transition, properly cemented, at normal water pressures, should hold just fine.

The downside to a gradual reduction as you described is the exact concern you put into your question - joints.

Your gradual transition idea will give more opportunities for joint failure simply because there are more involved.  

PVC cement often surprises me how strong it can be.  

So my recommendation is that you try a direct transition first.  In other words, don't try to solve a problem until you know it exists.  Make sense?