I wouldn't with one of the blue/white taxis. But you can always do it using the hotels own car service depending on which hotel you are going to. For instance, Solimans have an office at the Hilton Nuweiba Coral. We went to Dahab with them, the car was booked for 5 hrs (1 hr to Dahab, 3 hrs in Dahab, then the other hour travelling back). The driver waits for you there, or if you prefer, he can accompany you as you look round.