Yeah, that PI thing seems to be the primary benefit of an OGL/ORC -- along with it being a brand unto itself, of course.That appears to be possible, yes.
Where you would run into problems is if you wanted to keep some of your book closed, or allow downstream licensors to do the same. There we hit the issue of CC not having a concept of "Product Identity" and "Open (Game) Content". It looks potentially doable, but not as easily and definitively as it is with the OGL that includes specific mechanisms to do that.