To my best knowledge no.
There are certain environment settings which need to be done for which NX needs a restart.
Also, the storage of your data is completely different of course.
Of course you can do this with code but not without closing any data you have opened at the time of execution.
Ronald van den Broek
Senior Application Engineer
Winterthur Gas & Diesel Ltd
NX9 / TC10.1.2
Building new PLM environment from Scratch using NX11 / TC11