Yes. The app would have to be used to create the waypoint and save it to the object store. Once it is created, it could navigate to it.
One issue that I can see is that the vivoactive doesn't support the text picker, so the developer would have to provide a way to get a waypoint name from the user.
I'm guessing the alarm time uses the number picker. That class doesn't support entering coordinates or generic numbers, so the developer still has to provide a way to enter the waypoint position and name (if required).
I'm not saying this isn't possible, just that it isn't as easy as one would hope.
