In THEORY, yes it is possible. In the real world, if you want the paint job to last, you need to paint on a stable surface.

Wood is not stable. Due to changes in the humidity and temperature the wood is going to expand and contract. After a period of time (typically about 12 - 18 months ) the paint begins to crack.

For a stable surface you either need to glass the plane or cover it with a stable surface such as silkspan or, depending on the plane, a fabric and apply the paint to that.