I think it could, but some questions lurk in my mind:
1. Will the stud length interfere with the crank pulley/harmonic balancer/frame horn?
2. Will the corresponding nut be of equal hardness?
3. Will said nut have a seat and/or thick washer under it(THIS IS IMPORTANT; assures even torque force distribution across the face of the crank cog)?
4. What issue will/may be solved going this route? Helping keep torque on keyway cranks?