I think it's possible, but I think it's more efficient to use a completely separate...thread?...if you have a 2nd core. (Or if you have lots of empty space bubbles in your pipeline, you can just try forcing 2 threads in there, aka Hyperthreading)
That makes sense for most processor architectures. But there are exceptions. The Cell Processor (Sony PS3 Processor) has 8 RISC SPUs. These processors do not have branch prediction logic. This is because they were designed for computationally intensive graphics kernels which are useful for Sony PS3 games. There is a huge performance intensive to avoiding branches on these processors. So many times both routes are taken and then the appropriate value is chosen using a mask instruction. This does not stall the pipeline on the processor.