i geuss it could, but it would not be very durable, and then your finished product accuracy would suffer.
it would have to be some really dense hardwood i would imagine, by the time one has got hold of the wood, and had it turned up- i think one might as well have made it from steel.
unless you have your own wood lathe and some good chunks of wood floating around.
but i say go for it, it may be an improvement, my way is never the only way- besides what i tell my kids