Sure! I've seen some very cool checklist alters; as long as it's clear what card it is, I'm likely to allow it.
It's an interesting question, however, because it doesn't quite fit the criteria for altered art, as stated in the MTR: “provided that the modifications do not make the card art unrecognizable”; arguably, there isn't any recognizable art on checklist cards. However, I think the last sentence in that paragraph is more applicable here: “Artistic modifications also may not obstruct or change the mana cost or name of the card.”
I found a couple of very nice examples,
here and
here.
However, I'd highly recommend one slight addition to both of those examples - actually fill in the circle next to the card name it represents. As is, those aren't quite compliant, and the Russian ones could cause some problems. (Yes, it's
Thing in the Ice - but I had to look, to be sure.)
d:^D