Yes, this is possible.
When I was having troubles getting Apple TV to show up in my devices list, i phoned Care and they said "for the time being, connect the Apple TV to your Mac via an ethernet cable, until you find the issue with your router.
So this is possible, and even Apple knows it, so it's not a sort of hack. I'm sure you pretty much connect them both together, restart iTunes (maybe restart your Mac) - but I think that's it...
Let me know how it goes...