Yes it is possible and I think it is more important than the sensitivity knob because you can run most Classic detectors full sens 99% of the time.
Mr.Bill at Surfscanner detectors does this mod plus he adds the threshold knob and bumps up the gain for $85. This mod is highly recommended.
On my Classic III SL, Whites provided me a 10 turn pot from the 5900 series, which I've installed myself. This allowed me to ground balance in heavy mineralization and to cruise the beaches with lightning quick responsive target separation for trashy hunts. The Classic III Sl was one of Whites best offerings. The Classic III SL/ IDX is an excellent George Payne design. Killer in trashy, iron laden hunts.
PennyFinder