I've not seen one like this, but I'm sure it's possible. Certainly you could do individual squares in any design and sew them all together. You might also be able to do strips of some types of "squares" (garter and stockinette stitch, for example) and then add the mitered squares to that.
Personally, I think it's doable, but it would certainly require some planning so that the different sized squares all fit together neatly.
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