Yes, it is possible (theorically), but I don't see the need/point on processing a synthetic luminance with HT instead of working over the RGB channels. I'm thinking on an aggressive HT, like the one we use to delinearize data. In most cases, it just doesn't work. The saturation levels get screwed (too low). You'll still need to work on it. By the other way, working over the RGB works quite well, and as long as you use similar settings, color balance is well maintained.
On the Curves process, by the other hand, contrast changes to the luminance work better than RGB because color balance is ensured, while the RGB may distort the balances at different zones. Also the changes to the saturation are better handled there.