Well, I suppose that you could - as the method is nothing more than modeling the strain with depth. If you know the elastic modulus value for your rock. With weathered rock though, depending on the type of rock, you may have clayey inclusions in joints/fractures that might have more impact on the actual settlement than of the weathered rock mass itself. And, you must take into account the degree of weathering. Why not just use a normal elastic solution for determining the settlement as per those given in Poulos and Davis?