it does ultimately depenf on the wool.
But I would try it, fore sure.
One of the problems is, lifting a heavy item out of the water (even heavier) and carrying it to position. Lift it all in a tangle, grab underneath. Do not pull on anything. Before in the water: bunch it together, make it form a ball without force.
Now lay it out (it will be very wet, careful) on a towl. I think I would place it in the bathtub to start with (or maybe my basement floor with a drain.
You can obviously not leave it lying there all wet forever, but whenever you reposition it to a fresh towl, be careful not to stretch it. Once done… don’t get it dirty because this awaits you (more or less) when washing.
I had a wonderful pullover as a kid (I think it was handknit) and after drying on a hanger for some never-discovered reason it was not only almost a dress, I also had boxy ugly shoulders. The weight of wool pulls a lot on the piece.
PS: currently wearing a jacket that I did overblock in length by a good bit. I am happy with the length, though, just not with how much tighter it got around the front.