It might be, since the console mode still can display graphics, e.g. Tux or the distro logo on boot―afaik it's done via the framebuffer driver. So you'd need to

It might be, since the console mode still can display graphics, e.g. Tux or the distro logo on boot―afaik it's done via the framebuffer driver. So you'd need to hijack the console mode, draw characters using a TTF-capable library, and output the result to the framebuffer. Haven't heard of anything readymade in this vein, though. The more pertinent question, however, is “why?”, if you could boot at least bare X and xterm instead.