Yes it is possible, but the accuracy is is a little off and just doesn't quite behave the same as a geared spinner. You really have to have a light touch when playing Arkanoid with a weighted spinner. With sensitivity adjustements, I suppose you could get something comparable.
I say, if your favorite game of all time is Arkanoid, then get a geared spinner. If it is just another game you play once in a while, then just use a Tornado or an Oscar.