I'm a bit confused. Does that mean that you would have a red blinker? If so, then your blinker will be illegal, as they must be orange.
As to doing it, it would be a matter of rearranging the wiring, which is not complicated.
Don't forget that tail lights have 5 Watt globes and blinkers have 17 or 21 Watt globes, which means that the heat output needs to be considered, as it could melt the tail light if an inappropriate globe is put in a place for which it was not designed.
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