No you can't because that wouldn't take you round the world (it would be SWP-Europe-Asia-N America-SWP) and you would be entering TC3 (Asia/SWP) twice.

I think the complete list of valid xONE4 routings going basically eastwards is:

Europe-Asia-SWP-NA-Europe
Europe-SWP-Asia-NA-Europe (utilising the Asia transit exception on Europe-SWP)
Europe-Africa-Asia-NA-Europe
Europe-Africa-SWP-NA-Europe
Europe-Asia-SWP-SA-Europe
Europe-Africa-SWP-SA-Europe
Europe-Asia-NA-SA-Europe
Europe-Asia-SA-NA-Europe (utilising the NA transit exception on Asia-SA)

Asia-SWP-NA-Europe-Asia
Asia-NA-Europe-SWP-Asia (utilising the Asia transit exception on Europe-SWP)
Asia-NA-Europe-Africa-Asia
Asia-NA-Africa-Europe-Asia (only in certain specific cases involving overlands and Ghana or Nigeria)
Asia-NA-SA-Europe-Asia
Asia-SA-NA-Europe-Asia (utilising the NA transit exception on Asia-SA)

NA-Europe-SWP-Asia-NA (utilising the Asia transit exception on Europe-SWP)
NA-Europe-Asia-SWP-NA
NA-Europe-Africa-Asia-NA
NA-Africa-Europe-Asia-NA (again only in certain specific cases)
NA-SA-Europe-Asia-NA
NA-Europe-Asia-SA-NA (utilising the NA transit exception on Asia-SA)

SA-NA-Europe-Asia-SA (utilising the NA transit exception on Asia-SA)
SA-Europe-Asia-NA-SA

SWP-Asia-NA-Europe-SWP
SWP-NA-Europe-Asia-SWP
SWP-SA-Europe-Asia-SWP
SWP-NA-Europe-Africa-SWP

and then of course all of the exact reverse routings going basically westwards.

Note that the transit exceptions for NA en route to/from SA and for Europe to/from some places in Africa are not as good as they used to be because they both effectively require you to use two segments from your 20 allowed to make one intercontinental journey. (The Europe-SWP via Asia is OK because it counts as only one segment if on one flight number.)