I'm doing it now, works just fine. Archery, Heavy Armor, Sneak, Smithing, Enchanting. I can get away with not having a melee weapon skill because I'm Khajit, and I have the Heavy Armor perk which adds armor rating of gloves to unarmed damage on top of the Khajit bonus.
Once you get the -50% noise from armor and a couple ranks in the first Sneak perk, there's almost no difference in detection between Heavy Armor and Light Armor.
As a matter of fact, I'd say Heavy Armor is your best option for ANY build in this game. Mage, Rogue, whatever. There's just no downside to it other than slightly slower movement. Tons of upside. In that you take a lot less damage.