The short answer
Yes, and it is one of the best ways to see the south. Drive from Marrakech over the Tizi n'Tichka and through the gorges to Merzouga, then go north to Fes through the Ziz valley, Midelt and the Middle Atlas. Merzouga to Fes is about 470 km and 6 hours 30 minutes, one long day.
In more detail
A one-way route means you never drive the same road twice. The southern half gives you the High Atlas, Aït Ben Haddou, the Dadès and Todra gorges and the dunes of Erg Chebbi. The northern half climbs through the Ziz gorge to Errachidia, then Midelt, the cedar country of the Middle Atlas around Ifrane, and down to Fes.
Plan at least 3 days, and 4 is more comfortable: two days to reach the desert with a camp night, then the long day north. From Fes you can continue by train to Rabat, Casablanca or Tangier, or fly home.
This is a private-driver trip. The car and driver go one way, so it is quoted as a one-way journey. It also suits travellers flying in to Marrakech and out of Fes, which saves a long day of backtracking. The reverse works just as well: start in Fes, drive south to Merzouga, and finish in Marrakech over the Tizi n'Tichka. Either way, let us know your flights and we will fit the camp night and the long days around them.