Yep, it is doable. Plenty of guys have made them, it's just that technically the bow wouldn't be an ELB because of the belly shape. It would still be a good bow because boo on the back and belly can handle a narrow, deep limb. The problem arises if you overshoot the intended weight, with the glue up/taper depth as you would only be able to tiller the stave on the edges. This can lead to limb instability in a narrow, deep bow design.
Meadowlark Adv is really good at showing you what options you can do with boo on the belly.