I started doing this years ago. If I listed every job on my resume, it'd be 4-5 pages long. Most of them aren't relevant to what I'm doing now, and only serve to make me look old, or like a job-hopper (which I am--about every three years--but job-hopping in tech isn't a negative unless your list grows too long). At first, I compressed older jobs into one-liners at the end, but now I leave them off entirely. I list 4-5 of the six jobs I've held in the past 22 years.
I have no way of knowing what impact this has on my employability, or how people interpret my age based on it, but I'm 47 years old with 22 years of experience on my resume, so I assume I come off as both old and senior-skilled. I never have to try hard to find jobs.