I think yes. While the text alone would need little modification (most of them adressing who's talking at every scene) the text alone would make an understandable book after such modification. It would be a very crappy book, yes, because the text was designed around the VN template, but probably a half decent Light Novel.
But of course, the text is meant to be read while you look at the images and animations. So the optimal way to read the text is playing the game, and there's no way around that fact.