Anything is technically possible!
The only thing I would say is that it might be too sensitive, like the new slim Xbox. The power and eject buttons aren't proper buttons, but like ones where you just run you finger over them. And I can tell you they are super sensitive and you can easily switch it off accidentally. So if you did want to go with this idea, make sure the button isn't in a place that you could easily touch, or give it a cover you have to lift first!