Not in <em class='bbc'>Lunar Shadow</em>, no. Otherwise it'd get ridiculous.
Though, it would be one Ballos with the fourth phase's platforms around him (possibly stationary), those eyes from his third phase, and jumping around like in the second phase.
Yeah; you could potentially have sixteen eyes (thus having him entirely invulnerable, unless there is some or other way around that).
Which <em class='bbc'>might</em> be okay for a mod where the protagonist canonically dies (or, if a jump script command exists via ASM hacking for jumping to an event if current HP is at a certain value, a hopeless boss fight, though that's probably just me), but certainly not for a normal boss.
Definetely a hopeless boss fight. With good respriting, those eyes could be turned into anything... like Skulls.
By the way I was wondering, does your take place on the island and does it take place before or after the events of cave story?