Yes. I just did it with a 2004 iPod Photo using a 128GB FAT32 formated SDXC Type II 600x card (Komputer Bay). That plugs into a Digigear Ultimate CF to SDXC adapter (SDXC Type II compatible), which plugs into a CD to IDE adapter (Generic). Needed a few chunks of cardboard cut and strategically hot glued (not that strategic really) to keep the significantly reduced sized "disk" from flopping around inside.

I just completed replacing the battery as well as upgrading the hard drive to an "SSD" in my 40GB iPod Photo that I bought in 2004. The hard drive was the main issue as it just would not boot up any more and the drive would make lots of clicking noises as it tried spinning up, only to give me the Apple "frowny face-you've got a problem" screen. I created a SSD by using a generic IDE to Compact Flash adapter, a Compact Flash to SDXC Type II adapter and a 128GB SDXC card. I had to manually reformat the SDXC card to FAT32 (they are all formatted as NTSC by default) using a free partition manager (I've used both the MiniTool Partition Wizard and the AOMEI Partition Assistant) since Windows won't format FAT32 on anything over 32GB (don't know why). The battery was definitely toasted and had swelled so badly that I thought that the Select button in the middle of the scroll wheel was broken. Fixing the battery fixed the scroll wheel. I now have a 128GB SSD iPod Photo that seems to play forever :-)