It has been done that way by one or 2 particularly lucky and current individuals in the past (5 hours total for the addon, up to 3 FNPT2) and indeed some EASA MS still do it that way as a matter of course. The real downside is the need to do (and pay for!) 2 full initial IRTs. In the past it was more pragmatic in that the core components, ie the symmetric ones, could be flown in the format of a LPC (ie more use of autopilot, GPS addition, etc) while the focus was placed on the EFATO, SE approach, and SE instrument go-around. Now the whole thing is as an initial IRT again...