Totally! No need of very detailed addon. Just custom failures engine for particular aircraft. which can calculate system run-time, add some random variables and fail system partially of complete. Say - you dont see green light after gear extension. Whats that? Something broken or its just burned out bulb?

How about non critical components failed, and you gotta decide fly airplane or not.

It can be separate addon, an option for pilots, who want some more :)