As mentioned above it can be accomplished. The biggest issue is skimming the lube off the water each time so as not to let it reattach as you change it out.
That said, depending on just what bullet your looking to coat, you might be better off either just shooting them up or possibly swapping them for some plain un-lubed ones. If your interested in that route post up the bullet or mold number, and shoot me a PM if you might just want to swap even up. If I have the mold, easy peasy...