Yes, it is possible. What you do is you use the stroke palette with a dashed array with following properties:
- First dash set to the length of curve you need.
- Second dash set to something so big so its longer than path.
- Set dash option to preserve exact dash.
You can then copy the curve and expand this curve and use it for reference for a cut if you need the actual curve shorter. You can also use art brushes for same thing, such as when you hit the upper limit of the dash.