It's possible, yes. You'll just have to finagle the LED positions a bit to find the optimal distance between them, and how far they poke out of whatever enclosure you're using. You can sidestep much of the effort if you get a cheap fleabay sensor bar and replace the LEDs/resistors and solder a USB cable. You'll probably need more than two LEDs if you want to use it at any decent distance from the bar. Nintendo's sensor bars have 5 or so on each side, so you might need a fair few depending on your intended proximity.