Possible? Yes.

Good Idea or Easy? No.

You need the gcc toolchains from the SDK repositories.. none of which are optified, thus you have to do magic on with your rootfs to make enough space to fit all the compiling tools. And then you'll wind up with a super slow computer compiling your apps.

You could also use Easy Debian, which has all of the toolchains in it already and compile with that. But it'll still be really slow.