Now that I know what a basque is... It certainly is possible, though I would caution about twisting stitches when transferring the ribbing to circulars to complete the body.
Most of the machine knitting patterns I've seen work the body on the machine, and pick up stitches to work the ribbing by hand. Necklines on a machine are tricksy buggers...
All Needful Things
"Knit on, with confidence and hope, through all crises." Except carpal tunnel.
- Elizabeth Zimmermann