There are some practical concerns, but there isn't really any physical reason why not. At least not on a smooth sea in good, stable air.
The ride tends to be rougher going to windward cutting waves; and a mast up in the bow is going to bounce around more than one nearer the middle. These perturbations detract from performance. More weight and inertia forward don't help either.
You also have to worry about where the sail's fore/aft center of effort is. In order to get it far enough aft, you either need a divided rig and mizzen mast to be able to use high aspect sails, or you need a low aspect rig on one mast. Neither can compete with a high aspect sloop in absolute pointing ability - Not that it matters much except on the race course.