[lxgr]

Not if it's scoped to the username/domain in some way (e.g. by making the client-sent value H(password, username, domain) rather than just password or H(password)).

But that would require a canonical and secure (i.e. not (only) controlled by server-fetched code) way of client-side password preprocessing, and if you have that, you can just as well use a PAKE, modern instances of which have all of these nice properties and more.