Sure. For flat panels this is very common. Some details even then
overlay a molding. This is commonly referred to as "Applied Molding".
You also see a similar detail in Mitered doors with flat panels,
although in that case the detail is usually milled into the rail and
stil rather than applied but it looks nearly the same.

See this example http://www.maplecraftusa.com/HTML2005/SPECapplied.html
the door at the top right is a flat panel with an applied molding at
the inner edge of the rails/stiles. You could also do an edge treatment
to the outside edges too.