Yup.
If you do that realize that it won't fix anything and will be temporary.
I'd fashion a filter/catch basin for the oil as it could lubricate your tire and cause an accident.
I don't recommend it as the bike now runs and is rebuildable if you choose to. If you run it and it seizes it may damage the lower end and make it unrebuildable.
Compression check:
http://www.dansmc.com/compression_test.htm