yeah, it's possible.
downsides - 1) you'll probably pay at least 2% on the balance transfer, so that sucks a pretty good chunk of the profit from those points, 2) you use two 5/24 slots, 3) if you don't have the money free to pay off the spend until you're reimbursed, are you likely to be approved for credit limits for that much money on two cards back to back?
are you sure you wouldn't be better off just getting a second bonus rather than the balance transfer card?