Madbob,
The story goes that that's exactly what happened on the last-ever Lightning OCU course: the students all got chopped and the instructors took the last few places on the final front-line sqn. I'm sure some WIWOLs can corroborate!
It would be very hard to do such a thing nowadays given the requirement for water-tight chopping paperwork; "face doesn't fit" doesn't cut it anymore and if you meet the course objectives then you pass. Of course, it's subjective as to whether the objectives have been met