I think you could easily do it. Just cook the butt like you would only do a point for burnt ends. Rub the whole thing and throw it on the smoker. When it firms up and its cooked 160-170, I would pull it off, cut into pieces, and more rub and any juice that you want, then throw them back on. At that point you just wait for them to start to get tender.
Interesting thought and I think this may be on the list to do soon. (Right behind bacon)