Is it possible to re-dish the wheel enough? Depending on the BB axle length I'd guess you'd be looking at 20mm or 30mm, maybe more, by the time you'd moved the spacers to get a good chainline?
Not saying you can't, but interested to know what the practical limits of re-dishing are, assuming you're using the original spokes and not re-building the wheel?
Depending on your chainline up front, yes it should be possible. For example if you are using the outer ring of an old triple chainset then you will have more of an issue than if you are using a dedicated SS chainset, or an old double with the large ring taken off. The right sized BB will also be fairly important.