It is possible but probably not worth it. what you will need to do is bootstrap wordpress by including the wp-load.php file located at the root of the wordpress directory structure. The problem is that wordpress is still far from having a clean organized code which is globals free so while it is possible in theory, YMMV greatly depending on how clean is your code and what kind of GUI you will require.
I am not sure at all that I would embark on this kind of project just for one plugin, as in the end you will have two stacks to maintain and upgrade and retest after each upgrade.