Yes, I've seen it done. The lightweight trailer is pretty easy to come by (but not cheap). It's just a small trailer with the back half of a Cobra body on it.
Fabricating the hitch takes a little more work. It's best done with the body off (what isn't?). But it isn't difficult or comlicated. Since the car only weighs 2500 pounds, you'd never want to tow more than 1,500 pounds