Yes it can. I think it's been considered a million times (no offense). I often come back to this idea. The wiring part is easy. Where it breaks down for me is the eventual wear and tear on the pickguard screw holes in the body. There are solutions to that too, but none that are really appealing on anything but a cheap instrument:
1) Fix pickguard holes as they strip
2) Install sleeves in the pickguard screw holes with internal threads and use machine screws in place of wood screws
I still have one other idea I come back to every now and then, but so far, I haven't found the silver bullet