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The short answer is no. You just lose too much damage by not having a weapon in your hand. You also lose out on weapon skills. You can do it and rely on class skills to fill the gap, but it will just plain be better if you put something... anything in your hands.
Use pets. Their damage scales off of max resource so you can still do decent damage without weapons. I would suggest proc sets in combination with pets for a build like this.
Some good ideas here. I started a new toon this morning using no weapons or armor, and only the Winter's Embrace line from Warden, and I haven't died once - but I'm also just running around on Bleakrock. The near-deaths indicate it's just not viable for any serious play.
...but then my toon is Veesk-the-Ice-Wraith who thinks he's an ice wraith so my advice is of very limited value, lol. For what it's worth, punching works off of Stamina but the difference between no attribute points (1059 LA) and 1 attribute point (1069 LA) is negligible. Plus, that being the case, you've got to consider how to spend those attribute points in order to make up for that. Totally fun and I'm having a blast though.