Sure it's possible - you'll have to use something like a no-cd patch if it is affected by such nonsense though. Just install or copy over the files to the SD card and then run away
Off topic:
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Technically. You can. EEPROM has number of write cycles available before it wears enough to uselessness. Think of it like a piece of wood and sand paper. You can write on the piece of wood as often as you like, but every time you make a change you have to sand off what you wrote and replace it. Eventually you won't be able to sand off any more wood without it breaking in half. You should have between 10,000-1,000,000 writes available. You should check your card specifications and realize you will eventually wear it out. Hopefully it'll be no less than 3-5 years.
Be smart which games you install on there and you should be fine. Try one card before you waste too much money to ensure it's fast enough. I think that is all I can contribute. So don't get dismayed because I initially said it wouldn't work well. I should have explained further as something I wouldn't do personally.