I think the question would be, what are you going to use as the lifting points on the bike? I'd also be concerned about the stability of working on a bike suspended form overhead, what would keep it from swinging around when you were trying to turn a wrench?
Removing a rear wheel is easy, all you need to do is use the center stand. The front is a little more problematic, but there are methods to do that, which also involve the center stand.
I'm sure you could figure out a way to make a hoist work, but the question in my mind would be if it is worth it?