Double Knit Hat color pattern question

Does anyone know if its possible (should be) to make a double knit hat with slightly different color patterns on the inside hat?

I was thinking of a hat with stripes and checks, but I want to add some lettering and it would have to be worked in reverse on the inside. I think you should be able to carry one color inside and knit both sides with the other, no?

is it possible YES

start here, and look at all the photos in the photo stream (a 3 color double knit hat with different designs on inside and outside!)

the guy who knit this hat (hereis his blog) will be teaching double knitting in jan in NYC --he lives in boston area, and teaches there too!)

I am a pretty good double knitter, and i am amazed by this work!