Yes you can do it but it does not make it ideal. Its good practice to keep the thread as larger dia as possible as not to reduce the wall thickness too much. If you make the thread as small as the the flutes are deep then the wall thickness remaining will be quite thin. If you thread it so that the flutes are still present then gas will escape backwards through the flutes.
I would strongly suggest that the OP does not butcher a new gun in such a way. If it was an old beater then sure - but as soon as he does that it will loose much of its value and desirability. I would never consider such a gun.
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