Yes! I do exactly this on acrylic stabilized wood for my fly fishing reel spools.
I do this on my X2 minimill. I have a belt drive and run at the top speed with a face mill. Takes 2 passes since my wood is 4" x 4". I then slice off at 1/8" and surface the back side and the front of the block. My blocks are custom stabilized for me and are 1" thick by 4" x 4".