If you're just going to use a lightweight install of Ubuntu without the desktop packages, then yes, it is possible to create packages and upload to Launchpad. You'd need to have at least dput and build-essential packages installed in order to be able to build and upload packages. Preferably you'd also need devscripts, ubuntu-dev-tools and pbuilder in addition to build packages.
If you're going to use an Ubuntu-based distribution instead of Ubuntu, like Mint or something, then you need to ensure that the distribution you are using has the required packages (like dput for uploading and build-essential, devscripts and pbuilder for building) in order to build and upload packages.
You'll also have to set up dput according to the instructions here.