It could be possible. The channels installed on the official SD menu are per-console encrypted.
JoostinOnline made a tool to decrypt and convert them to WAD. using his homebrew's source, we could add the possibility to move the game from SD to EmuNAND without going to WAD first.
But that's all. We can't launch them from here. Even the official System menu is not launching encrypted channels from the SD, but are actually silently decrypting and installing it back to NAND as an hidden channel (or a temporary folder).
oh, Greywolf already answered that too
having the possibility to move them to EmuNAND is a good feature in my opinion.
it prevents the need to move it to real NAND to dump it as emuNAND to get the game or the wad from it with showmiiwad (or bluedumpMod, or joosting tool which is part of bluedump mod). just few less steps is always nice.