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Yes this is possible, however you have to first create the ondemand subclient using these steps:
Currently no specific requirements beyond what is listed here: http://documentation.commvault.com/commvault/v11/article?p=system_requirements/sharepoint.htm
Disk space requirements are the key piece here as there is staging of entire sites temporarily in the job results on the system while the backup is processing. A virtual server ...
What CV version are you currently running on? A feature was just introduced in Version 11 service pack 7 that does exactly this. The advanced option is called 'full backup only'. You could use this option along with the latest backup data and the drop connections to database option to scheduled a weekly full restore.
Are you using the application aware VSA feature? I would recommend opening a support ticket to assist in cleaning this up and upgrading to Service Pack 6 as the discovery process changed to not include PAExec moving forward.