Yes this is possible. Use epoxy resin instead of polyester resin. I have used epoxy, fiberglass cloth, and plywood to make diesel tanks for sailboats with no problems. I have also heard of it being done the way you describe. A fine finish is not required on these and the biggest problem is what to do with the nasty gas mixture you have left. Your biggest problem will be getting a nice smooth finish on the exterior of the tank. It will take a fair bit of filling, fairing, and sanding.