technically, yes from a user point of view, no.
Users won't remember that code, and when they contact you for help.... sorry, nothing you can do.
Better that they give YOU something that they know that is unique to them. Ask them to enter 2 or 3 known facts, eg first pets name, first employer, favourite film etc
store the choice they made and the answer (not hashed). Then you can ask them to confirm their recovery items and if they get 2 of three right (for example) then reset their password.
If you don't hash (encrypt or plaintext) then you can have a support dialogue so if its obvious to you that they just forgot how they spelled something then you can reset for them.