In theory, you will be able to do this, in exactly the same way it is done in Leopard - but why bother? 90-99% of the size of most apps is comprised of resources, not executable code. Stripping PPC code isn't really worth it, EXCEPT for applications that require Snow Leopard - but those will have been pre-stripped by the developer. According to my calculations, the space saved by stripping unused architectures is almost always less than 1 MB... which I definitely consider to be not worth my time or effort.
between language and ppc code xslimmer culled 266mb from what was installed in the last patch. heck, snow leopard is saving 8gb from leopard. how much of that is ppc code? i'm guessing quite a bit. while hard drive space is cheap these days, it doesn't make any sense to fill up my laptop drive when i can save space by removing dead code in a few minutes. especially since apple made it such a pain to upgrade the drive in my mbp.