It can be done without doubt. Just make sure you aren't missing any key material by verifying LOS haven't changed. It will be a pain in the butt but not too bad.
I would not do it
Schweser is already a summary of the main texts learning from an incomplete summary is a waste of time
the material changes quite a bit form one year to another (check out the differences on Schweser.com, they have a pdf with all the changes)
I wouldnt say the material changes "quite a bit." Of course, I dont know the exact amount of changes, or lack thereof, but TVM is TVM whether its 2004, 05 or 06.
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