As chrismahon said above, there was a study, think they used Egyptian Fayoumi, and inbred closely for 10 generations without defects.
So yes, although it seems dodgy, it's fine to leave the same cock over a flock for a few years (assuming he'll breed with daughters and grand daughters, then get replaced). -apparently this is simply what happened on farms in years gone by (speaking with my elderly neighbour, he said you shouldn't keep the same sire bird for more than four years).