I'm sure it's possible, but I've not seen an existing mod that does that.
There are a number of complications involved with a mod like this though, as it would involve such a radical change to the system. For instance, usually when you level up, you can increase your stats according to how many times you have levelled up your skills (i.e. the little x3 bonuses that appear in the level-up window). So I guess you might need an alternate way of increasing your stats.
You might like to check out http://planetelderscrolls.gamespy.com/View.php?view=Mods.Detail&id=2030.