Firstly,
To answer your question...
Yes, it should be possible to do this, but it's going to take a good deal of effort to get it to look right.
You might have better luck just using concealer and foundation and worry more about making the colors blend than the scar/stretchmark texture go away.
Makeup is after all, for the most part, about controlling light and shadow, so evening out the overall color tone of the area, and possibly even filling in deeper recessed areas that would otherwise be in shadow with lighter highlight shades should hide most issues.
For more in depth information, you might need to talk to someone on a makeup artist forum. Most of us here tend to be more of the technology geeks who might dabble here & there with other parts of the craft, but someone on a more specialized make up forum is likely to be able to give you much more specific advice in this area.