I have never seen it done, and it would likely make the boat unable to meet class rules.  The standard rub rail, as an integral part of the hull has to be the factory spec for the boat to be class legal.
 I would consult Harry at the factory on whether it's ok structurally.  There are bolts under the aluminum rail that hold the deck and hull together.
It seems like a bad idea, unless you never race, and never plan to sell the boat, as it will decrease the value.