Sure, why not.
Buy a swath of those bitcoin tracker shares from the Swiss market. Give contractual rights to your pit boss running a standard Redneck two color coin exchange. Let the price compressor keep you within a guard band, then let the variance on you bit tracker pile bounce around. The counter party coin is your own, you issue and destroy, right there, right in the pit boss code where is says: create_money, and the other says destroy it.
If your currency is popular you share in the gains from inventory stability, somewhere. Keep the variance bounds accurate, a half point. You beat the block chain fees, enable small transactions and clear them yourself. You can order some personally branded credit cards from Card Logic, then all the POS allow you to utilize the standard protocol, directly to your coin exchange site. If you run the S&L, just use the three color option and talk to marketing around here for set up, or locate a Redneck compatible pit elsewhere.
You become a hometown banker. These pegged coins will be as accurate as their user want to call the main block chain. If you ledger queue is stable, you will trade at par, mostly. large resort hotels, just put their customers on your local peg. Your pegged coin is good around town, you know your customers so give them an AS&L opportunity to come back. The Hilton system could run the Hilton Btc tracker. Then we get into franchise opportunities, travel coin allowing sub side chains with auto pricing. The sandbox can uncover any hedges in that system. But the no arbitrage conditions means the local sub side chain is removing local redundancy, a gain.
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