Yes, but it'll take a little bit of work.
In this example (http://www.alansmitheepresents.org/2011/03/changing-viz-types-with-dashboard.html) the author is changing the visualization shown in the dashboard based on the selection made in a drop-down. You can download this sample and reverse engineer it to figure out the right approach.
Thanks for the link. But the example or workbook is no more present there.
Do you have any other link or any other way to achieve the aim?
Updated my original response with the URL itself - it looks like the board uuencoded it and broke it the first time.