Yes it is possible, I am also working on similar type of plugin and will launch it soon.
I am creating 2 types of group
also in plugin I have added the most wanted feature to add the custom fields to groups.
you will be able to add any type of fields (text,text area,radio buttons,check boxes,select lists) and any number of fields from BP backed.
Using this custom fields feature will be able to create any type of group