ADB is a part of said SDK - in the tools package - and we do a lot using ADB.
I suppose theoretically you should be able to do so, but I have a feeling that the process would not only be long and drawn out but very ... how should I say, complicated?
After all, I *beleive* that the method Fabulous uses to make a backup of his apps when moving from ROM to ROM can be done through adb - so, starting the adb shell and then su, you should be able to wipe the /system, /data and /cache, and then tar -x an existing ROM system.tar and data.tar to the correct folders....
Now sure about the kernel, though....unless it would simply involve moving it to hte appropriate directory....
Anyone more familiar with ADB can verify / disprove this?