If you have a look at the example Kawaguy kindly posted on page[1], that's exactly what the process is.
The issue you will likely encounter is due to the age/technology of your equipment only having 1Mb of SRAM available, would limit your no. of steps and the only way of downloading/replacing the data is the FDD (which will be very slow indeed).
Saying that though, if your process does not happen to use up all the SRAM, then it shouldn't be an issue.
- But when it comes to machining, then you are looking at many steps which need the storage.
You can still of course drip information, but this would need to be carefully managed and controlled to prevent 'pausing' during the main process.