Yes, its feasible. You should know that the ETO needs to be very hot to dissolve cannabinoids, simmering, and it will take about 30mins to dissolve still. When I make mouth sprays, I prefer to dissolve the cannabinoids in limonene, which dissolves cannabinoids almost instantly at room temperature, an equal volume of limonene to wax will make a thin runny liquid that easily dissolves into alcohol. You can avoid alcohol in your spray by dissolving the limonene/wax solution into a small amount of glycerin, and then into water (glycerin dissolves lipids and is soluble in water). The glycerin imparts a slippery mouthfeel however, that coats the mouth and makes the flavor somewhat intense, so the alcohol taste may be more tolerable.
All in all I find more concentrated drops of tincture under the tongue to be more effective than a spray in the mouth.