To answer the OP question,, yes,, it's done quite often.
And as described above,, they can be pressed out of an old set of grips,, or, if you get a broken set,, just use pliers to break the wood away from the medallions.
Once removed,, you will see how the medallion stud was staked & flared at the end to hold it in the original grips.
I have removed the flared portion by gentle filing around the circumference of the stud, JUST to remove the flared portion.
In the new grips,, drill the hole to the proper size,, and it will allow a snug fit of the stud. I also use a small drop or two of wood glue to the medallion before final inserting.
Many folks use a Forster Bit to cut the recess for a medallion,, but I bought a special bit, better than that, advised by Cary C (one of the best custom grip makers I've ever seen, and a member here.) I'd have to look it up to give you the info on it needed.
A proper recess,, and a correct stud hole,, and a small dab of glue & you are good to go!