Not only is it doable, it put me into my own bed. how so, glad you asked.

I has a res for the red-eye LAS-EWR and then connecting to another flight down the East Coast Seaboard. I ended up standing-by and getting on a 7am flight to EWR where I was picked up went home took a shower caught up on my mail had left to LAX a few days B4, went to sleep in my own bed got up the next morn drove myself to EWR parked and caught my flight as I was suppose to had I done the red-eye. This trip was a MR nested into my EWR-LAX trip.

So if they allowed that I cant see them not allowing the OP do as he wants to. NOTE; some fares do not allow any standing-by or any type of change, I was on a very cheap fare to boot