Hello Frank ,
yes it could and I could do it . I also have an interface board to run by battery power , then all you need is the ground wire from TMCC box which has a wall wart and works the tmcc signal to the track .
My friend a retired NASA engineer made the circuit board as I had a customer with Lionel outdoors in O scale , I have a TrainAmerica heavy duty Motherboard to handle the higher load , I presume this has the Mabuchi can Motors in the trucks .
You will need a Cab1 hand held , which I also have . We have run this for over 5 years no problems . Keep in mind the AC track power converts to DC as soon as it reaches the motherboard . I also have the sound cards and R2lc and power supply board , these 3 plug on the motherboad , with the TrainAmerica motherboard it is a much cleaner install .
Bernie