A friend of mine bought a boat that had spent some time on the bottom after an accident. He got a real good price.
He then spent the next couple of years slowly refurbishing her inside and out in between the odd cruise and race until she was spotlessly gleaming end to end. Sadly, in the same body of water that she was originally sunk in, he one day happened to sail over an unmarked and disused oyster farm. The result was a large pole through the hull and another sinking. Luckily, this time she was refloated quickly.
He again repaired her and today she is still one of loveliest boats in the fleet and also one of the quickest. Club champion for some years. Last year he was run into by a much larger yacht who failed to give way and as a result my friend again had a hole, albeit this one is fairly small (a few inches across) and well above the water line. He continues to race with the hole covered in duct tape while he waits on a professional to repair it (at the other guys insurance company's expense!)
So based on that I'd say yes to your proposal, no reason why not - provided of course that I had the time and skills to repair the hole and/or the money to hire someone to do it.