"Possible".
Also "very touchy" and "very risky".
Android tablets use a linux kernel underneath. "Android" is basically a linux application suite. It is composed of the Dalvik virtual machine, and supporting binaries.
Dalvik doesn't know one block device from another; it relies on the linux filesystem structure. If you mount the USB at the /SDCARD mountpoint (and, obviously, mount the sdcard somewhere else!), then android will believe that your USB device is the SDcard. Any application you can push to an SDcard, android will let you move to the USB drive.
To make it do this automatically on every poweron for the device, you have to futz with the device's init scripts. Mangling those can break the tablet what good.
Do a full tablet flashrom backup first, and make sure you have something like clockwork recovery mod installed so you can recover in case you accidentally brick.
Doing this will require some more detailed knowledge about the tablet's rom, and how it was cooked. (Initd flavor, etc.) You also need to know what filesystem drivers are baked into the rom, so you can pick an appropriate one. I *strongly* recommend a journalling linux filesystem flavor. EXT2 is most likely to be supported by anything in the android ecosystem, but DOES NOT have a journal. Since the device is going to be dangling outside the tablet, the risk of physical disconnection "unexpectedly" is high. That is why you need the journal, unless you LIKE filesystem corruption, of course.
EXT3, EXT4, ReiserFS, BTRFS, and pals are all possible choices. See which FS drivers are baked into your kernel with a root console application with lsmod. That will list which kernel modules are loaded. I suggest at LEAST EXT3FS.
If your device has an sdcard slot (not all android tablets do!), then you would probably like to retain access to it. Dalvik/android doesn't have good support for multiple sdcard slots. It's kinda dumb that way. Instead, just create a mountpoint for it that is a folder underneath the /sdcard mount that you are mounting the USB device on. Something like say, /sdcard/realsdcard or some such. Just make an empty folder called realsdcard on the mounted USB device, and point the mount command in the init script there when it mounts the sdcard block device. You will then be able to use the physical sdcard as well as the USB device.
(The contents of the sdcard will appear in the /sdcard/realsdcard folder. Writes to that folder when the block device is mounted will physically occur on the sdcard.)