Yes, but you'd need extra on-chip memory to handle it. Otherwise you still have to do the blending in external memory.
Regardless, when done in the pixel shader, there are not only ways to reduce the memory bandwidth load for current processors, but to actually reduce the total amount of processing that is done.
Regardless, when done in the pixel shader, there are not only ways to reduce the memory bandwidth load for current processors, but to actually reduce the total amount of processing that is done.