I'd say yes. You can split it out to 1/2"x1/2" square billets then remove the 4 corners with a plane then the 8 corners than sand it smooth. Chuck the rounded shafts in a drill and smooth and adjust to the required spine.
Remember that the spine value is for a 28" arrow with a 125gr head so for a 30" to 31" arrow the spine value will have to be stiffer by 10# to 15#.