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
build-essential packages installed in order to be able to build and upload packages. Preferably you'd also need
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
pbuilder for building) in order to build and upload packages.
You'll also have to set up dput according to the instructions here.