Yes you could, but you better have a good grip on your rod. I would think having the lead would better your chances of a hookup though. More weight closer to the end of the line. Better chance for the fish to be hooked upon ejection of the bait. Most people don't realize. The bolt rig works on a few basics:
1.) Fish takes in the bait.
2.) Fish senses negativity or tension on the line/bait
3.) Fish goes to eject bait and "bolt" at the same time
4.) Weight on line causes hook to grab in fishes mouth BEFORE he can eject it.
If you don't have that added weight near the hook, your chances of the hookup are actually decreased.
If you're using sweetcorn, bread or other soft baits that may work. BUt for those of us that use harder baits like maize, tigernuts, hemp, boilies, etc. it isn't possible to put it on the hook to begin with. Then there is the issue of the exposing the hook on the bigger baits. I say if you are using corn or bread skip the hair...
It's not impossible to use the hook. There's always the option of a drill Stranger things have happened. But like I said.....it's not the "hair" doing the trick....it's the weight on the line "spooking" the fish into "bolting" away, while trying to "eject" the bait that makes it work.