I would highly suggest against it. Sorry to be a downer, but I have 2 quilts where I thought 1/4 inch was optional that I did 8 years ago, and they both have gaping holes where the seams busted. If I were you, I wouldn't chance it, especially with the time you are going to put into it. I would buy more fabric, or as suggested add another border to compensate.
Good Luck!
Rachel