Yes you can but in my opinion you'd lose too many useful features associated with a flash floppy (oh er) 🙂 )
When you flash, the award program can make a backup of your current bios onto the floppy disk. If something goes wrong, in many cases you can bootup the floppy (even without video) and recover to your old bios.
If a bad flash happened and you were using CD, well you might be out of luck.