Doubling the conductors has the effect of reducing the equivalent AWG by a factor of 3 (as in 1x 20AWG = 20 AWG; 2x 20 AWG = 17 AWG equivalent).
In order for the effect to continue with additional cable conductors, doubling is required each time (eg 2x 20 AWG = 17 AWG equivalent, to go down (larger) another 3 AWG would require doubling your 17 AWG equivalent once more; ie 4x 20 AWG = 14 AWG equivalent, 8x 20 AWG = 11 AWG equivalent; to go down another 3 AWG equivalent now requires 16 conductors, then 32, and so on).
Whether it's advisable to create a substitute cable in this way is debatable, and dependent on application, (it affects certain peramaters such as cable capacitance, inductance, and in AC frequency {audio, Radio, digital} applications may cause smearing of the signal if each conductor is not the exact same length physically and electrically), but if you want to use an existing installed cable, it may be adequate.
Bundling of cable (what you are effectively doing) reduces the heat dissipation capacity of the cable, so some safety factor should be considered (ie don't use a 2x 20 AWG cable for DC power if the application is power and requires a minimum or specified 17 AWG, but if the requirement is greater than 17 AWG but less than 20 AWG it might be OK, or if heat is not normally an issue, such as loudspeaker cable, heat dissipation issues can be ignored). Again, all depending on application.