Is it feasible to use triple encryption for block ciphers with the maximum keysize being the only significant security issue? I mean $C = E_{k_1}(E_{k_2}(E_{k_3}(P)))$ and $P = D_{k_1}(D_{k_2}(D_{k_3}(C)))$ where $E$ is encryption, $D$ is decryption, $P$ is a plaintext block, and $C$ is a ciphertext block. $k_1$, $k_2$, and $k_3$ are mutually independent keys, each individually of a size vulnerable to exhaustive search. I know that 3DES uses encrypt-decrypt-encrypt for efficiency in hardware from this question.
What about stream ciphers? If a stream cipher has a small key size, would it be feasible to do $C = P \oplus K_{k_1} \oplus K_{k_2} \oplus K_{k_3}$ and $P = C \oplus K_{k_1} \oplus K_{k_2} \oplus K_{k_3}$ where $K$ is the keystream?
My naive interpretation is that these would be secure ways to use ciphers that take small keys, with the only downside being a meet-in-the-middle attack reducing the effective keyspace to $2^{2n}$ where each of the three keys are of size $n$. Is this interpretation correct? Do any other attacks exist?