Short answer -- yes.
Long answer -- yes, but it's going to be a house of cards that you don't really want to maintain.
If you want to:
You'll want a segregated network (preferably a segregated VLAN) with a different NIC, and bonded if possible, otherwise you're going to run up against I/O limits.
If it were me doing it, I'd use Gluster, Lustre, or another distributed filesystem instead.
Or Solaris/BSD with ZFS instead of LVM.
There's going to be overhead by ramming RAID5 hardware volumes inside a RAID5 network volume. Raw disks exported and put together as RAID10 may be advisable.
It's going to be ugly no matter how you cut it. Have you considered using Pacemaker and cLVM (with nodes mounting their own iSCSI exports as a volume) to mitigate the head going down?