I'll admit that my experience with coco is limited to keyboard warrior, but from what I understand coco does not require a dry period and so the constant drip (or maybe even a timed drip) should be fine. I found this:
https://420dotcom.com/biker-kush-coco-grow-with-heavy-16aptus.html which would suggest that coco in a Waterfarm can work. Rather than asking 'can it work?' however, I think a better question is 'why would one choose to run coco in a WF as opposed to hydroton?' and to that end, I can't think of a benefit. Part of the success from a WF comes as a result of water constantly breaking up onto the surface of the hydroton, creating an oxygen rich reservoir. But again, back to what I know anecdotally about coco, it holds onto enough oxygen even when saturated to fully support the plant so maybe it's a toss up. Start a journal and try it out.