Shorter answer is yes :-). This is exactly how mine runs. The "secret" is that the copper interface will ring a SIP extension but just exit from the dialplan on noanswer.
[main-copper] exten => s,1,Dial(SIP/22,69) and then nothing in my case. Generally my wife answers using a cordless phone set that is "sharing" the copper line with my Asterisk line card. The other benefit is that I actually parse caller-id name and number and optionally have Asterisk answer and torture telemarketers if there is a match. Otherwise it just rings my SIP extensions and will not seize the line unless I pickup extension 22.
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