Yes it is... In fact, I have done it several times.
If the neck joint is tight enough you can just glue them together and fill the screw holes.
I used to take off a bunch of wood off the heel after the glue set up too... it looks OK.
As hover has pointed out refinishing is the tricky bit... so starting with two unfinished parts will yield a better looking finished product.
Now what I do is add wood to the neck and make the pocket deeper, then reshape. It works really well with Les Paul style bodies
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If you go this route you can also extend the neck wood deeper into the body.
Try it you might like it.
