This is possible. Doing so allows you to weave passwordless into the normal OAuth flow so you can use standard OAuth libraries but not have your user enter a password.
Start the passwordless login on the server side (using the API). Get the passwordless code. Send this url to the client: [FusionAuthURL]/oauth2/passwordless/[passwordlesscode]?redirect_uri=[redirect URI]&response_type=code&client_id=[client_id]. Have the client request this url. It'll be just as if the user had authenticated via the /oauth2/authorize endpoint and the user had entered their credentials. You'll get back an authorization code which can then be exchanged for an access token/JWT.