It's something I considered and decided against in the early days of my own prototyping of tactical 'hawks, before shifting direction and going full tang. Micarta can only handle so much flex before it breaks. You might get by ok, but I'd look instead at either nylon (used by American Tomahawk Company, the 6/6 variety), or ABS, which is what I build my trainers from. At some point when I'm caught up with everything else I want to try, I might play around with an ABS-handled 'hawk with a punched eye.
There may be some other appropriate plastics out there like acetal, but I have no personal experience with them.