Yes and I have done it. I knew the issue very well and did it from scans. The owner was a respected guy in the hobby. So, that helped in giving me confidence that he had the card in hand. I should note that in this case, the card was rare enough that its value was not based on its technical grade (which was pretty low).
As for a card where the difference in grade would amount to the difference between $1k and $10k for example, I'd be much more tentative.
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