Yup, done this to a few Jaguars, '51s and Mustangs. Just enlarge the tone pot hole and use a short-bodied, straight toggle switch. Long-bodied switches and angled switches won't fit. Switchcraft make a very good toggle switch with a short body in either plain metal or brass, and the generic short toggles used by Epiphone will also fit and are available in chrome, gold, and black.
Just be careful with the wiring. Don't solder the wires so any part of them bends downwards or far off to one side. Those control routes can get a bit tight, so you want to keep the wiring running pretty directly.
Also, I suggest you buy at least two control plates, because if you've never enlarged a hole in one before, you will scratch up your first attempt. Do use a proper drill press, if you have access to one.