In principle I don't see why not... it would probably complicate things later down the path if the Oak *did* get claimed and registered on Particle, but till then it wouldn't matter. Unfortunately all my Oaks have been claimed so I don't have a virgin Oak to test it out on.
The only other catch I can see is that the image would have to be device specific... as I would think the claim code, etc would be unique for each Oak, and tied to the device in some manner... but again, I haven't fiddled in this space, so I could be talking complete nonsense.
Edit: Also note that it seems that to read back from the Oak/ESP8266 will take a while ... reading back 1MB took somewhere in the order of 45 seconds, so to read the full 4MB of memory would take a few minutes...