sure
With Oblivion some clever git figured out that by having a file called 'ArchiveInvalidation.txt' in the main directory with all the edited files listed in them, they could make the game load the wanted files over the .BSAs.
the inside of the file would look roughly like this:
meshes/architecture/anvil/lighthousebase01.nif
meshes/architecture/anvil/lighthousetoproom01.nif
meshes/architecture/anvil/uc03interiorfirstfloor.nif
meshes/architecture/anvil/uc03interiorsecondfloor.nif
meshes/architecture/arena/chorrolbloodworks01.nif
meshes/architecture/basementsections/1way.nif
textures/architecture/arena/arenastonegutter01_g.dds
textures/architecture/arena/arenastonegutter01_n.dds
textures/architecture/arena/arenatapestrychorrol.dds
textures/architecture/arena/arenatapestrychorrol_n.dds
textures/architecture/arena/arenatapestryimperial.dds
That is my ArchiveInvalidation file from Oblivion.
So naturally you would just make this file with the name and path of the texture you wish to replace.
I'm going to try this right now
Edit/ I couldn't get this to work, but these 2 sites will explain the whole thing a bit more:
http://devnull.devakm.googlepages.com/archiveinvalidation#AIExplained
http://cs.elderscrolls.com/constwiki/index.php/Oblivion_Mods_FAQ#Other_Solutions