Of course it's feasible and you'll find such products offered by many manufacturers, including myself. For a pseudo-balanced connection like this, make sure that the core of the cable is the same as a standard RCA cable - not balanced!
There is a problem how to terminate the unused pin on the XLR connector. consult with the manufacturer, but in any case do not short it to ground!
There is a problem how to terminate the unused pin on the XLR connector. consult with the manufacturer, but in any case do not short it to ground!