Provided you don't mind having very limited resolution textures and can also compute a reciprocal, then I don't see why not. FWIW the equation you need to evaluate per pixel is
U(x,y) = (a * x + b *y + c) / (p * x + q * y + r)
V(x,y) = (d * x + e *y + f) / (p * x + q * y + r)
where a thru f and p, q and r are constants that depend on the texture applied to an individual triangle.