Can it be done? Absolutely. Should it be done? Who knows?

You'll have to test and see if you like it. My feeling is that it might make the ship rotation feel wonky in-game.

From experience with an accidental bad render, I can say that if the rotation is off on the x or y axis, it feels off, particularly on the x axis. I imagine you could use that effect if you wanted a ship that was harder to control or something similar, but it would take some experimentation.

Sorry to ask a question like this, especially considering the thread starter's comment:

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So as to not repeat other threads, I already read about the lighting angle and all that so no need for those links/reposts.

but could someone link or direct me to the forum where I might be enlightened on the subject of lighting and camera setup for ship spin animations? I use Blender mostly, which is why I'm posting this here.
Feel free to delete this if it's totally off topic...

Here is a link to Pipeline's setup for lighting and rendering the Nova sprites. Definitely the place to ask, so don't feel shy.