Yes, the suggested rearrangement converges to 0. This is a particular case of a result of Martin Ohm:
For $p$ and $q$ positive integers rearrange the sequence $$\left(\frac{(−1)^{n-1}} n\right)_{n\ge 1} $$
by taking the first $p$ positive terms, then the first $q$ negative terms, then the next $p$ positive terms, then the next $q$ negative terms, and so on. The rearranged series converges to
$$ \ln(2) + \frac12 \ln\left( \frac pq \right). $$
There are more general explicit results along these lines, see for instance here. In the specific case that concerns us, $p=1$ and $q=4$, so the series converges to $\ln(2)+\frac12\ln(1/4)=\ln2-\ln2=0$.
The proof of Ohm's theorem is actually simple. You can find a quick presentation here, but I suggest trying on your own first. Here is a suggestion: For the case at hand, consider the partial sum of the rearrangement consisting of precisely $n$ blocks, where each block consists of adding the 1 odd term and subtracting 4 even ones, so the first block is $$ 1-\frac12-\frac14-\frac16-\frac18,$$ the next one is $$ 1-\frac12-\frac14-\frac16-\frac18+\frac13-\frac1{10}-\frac1{12}-\frac1{14}-\frac1{16},$$ etc. Easy algebra shows this equals $$S_{8n}-\sum_{k=n}^{4n-1}\frac1{2k+1},$$ where $S_l$ is the $l$th partial sum of the alternating harmonic series. We have $S_{8n}\to\ln2$ (see here). Evaluate the second expression by comparing it to $$\frac12\int_{n}^{4n}\frac1x\,dx.$$
By the way, this is the rearrangement obtained by following the usual proof of Riemann's theorem. One can check that following Riemann's recipe for the alternating harmonic series to obtain a rearrangement that converges to 0, indeed one always adds exactly one positive (odd) term, then subtracts several even terms, adds the next odd term, subtracts several even ones, etc, but finding the precise pattern is a bit more involved. For details, see
MR2663251. Freniche, Francisco J. On Riemann's rearrangement theorem for the alternating harmonic series. Amer. Math. Monthly 117 (2010), no. 5, 442–448.
(In particular, theorem 3 and remark 4 at the end, that indicate the eventual pattern is indeed 1 positive term, then 4 negative ones.)