Yup
Here's a 40 that just showed up in our marina with an owner added arch/traveler (see link.)It's a personal preferance thing. It certainly can be done properly but I wouldn't do it. Our 40 has the traveler on the bridgedeck. When we bought the boat we weren't sure we'd like it. After 5 years and several thousand miles I wouldn't move it. When we sail it's like having a big dinghy. The main is right at hand. We can quickly adjust for quick puffs and shifts. If we had to get up, remove it from the self tailer (or worse, mount a winch handle and crank) we'd miss the shift, already be on our ear or wouldn't bother and just live with poor trim.The other consideration is that being a major installation, at resale time it may not be to other's liking.I can't tell from your post, but if you're concerned about a cockpit traveler being an issue, I'd say sail with it for a while. Then make your decisions. We're glad we did.