It is absolutely possible, however you will quickly learn that exact placement is pretty much a mathematical impossibility. This starts with the fact that no image is recorded from a vantage that is exactly tangential to the portion of the Earth's surface under examination and is then compounded by the fact that a second placement image is recorded from a different vantage point. So, while it is possible that all your building footprints will approximately align, more or less, the spires of the tallest buildings will be pointing, or "leaning," different directions. This lean can become confusing in dense population areas, with clouds, foliage, other leaning structures and photographic errors adding to the noise. With that said and if you are willing to proceed, the basic technique is simple. It has become a pretty standard procedure for me since access to quality imagery has been limited.
First get your basic georeferencing image, obviously. It can be helpful to edit this image to highlight roads, intersections, building edges and prominences so they are easier to align to. You can so the same thing with your final image and just save an unedited copy to swap out when completed. If you are working with Photoshop, you can add all these edits as layers and import this texture directly into Sketchup, which is extremely useful for reducing opacity on one of the images, so you can actually see your guide lines align. With your georeferenced image in your SU workspace, simply copy/paste it, hide it (one of them), unlock it, delete the texture, project your new texture into place and before unhiding the original, move the new one slightly vertically to facilitate selecting one or the other. Now go ahead and shift, size and skew your new texture until it comes as close as is practical to matching the georeferenced one. I think you can probably take it from there.
