As long as you can stimulate muscles, you will grow muscles, but at the same time, lifting your heels (tiptoe) can thin your legs, which is the most difficult part of the human body to shape. If you want to stovepipe your legs and don't think your muscles are too big to look good, you should fully stretch after each heel lift and massage more at ordinary times, but the leg shaping is really bad and you should stick to it for a long time.
I hope the above is helpful to you.