It's possible (works with using Ant or Maven fine and subsequently installs and runs fine when testing with your plugin), but compiling directly in Intellij for an Android project triggers the syntax inspection checks so it throws a bunch of "incompatible types/array required errors." I haven't delved far enough into debugging Intellij to see where it gets triggered yet, but I'm guessing your plugin can work around it somehow (since the same errors get thrown out until you add the jar to the project). Not sure if it's related to how it reads the jar or what, but yeah, need to debug some more.

Curious to see what you think though as you have more experience with building plugins than I do.