No, I don't think that would be accurate for the following reasons.
1) That would only succeed in capturing the seismic load from the structure self weight (as opposed to any of the applied dead load or the portion of live load that the code requires you to include in your seismic weight).
2) Even if the seismic loading were entirely due to self weight, it still wouldn't represent an accurate distribution of seismic load. Your base shear may be correct, but the portion of the base shear applied at the various floor levels would not be. Therefore, the total overturning moment a the base of the structure would not be correct.