In short, the answer is no.
As soon as PayPal find out about it, they will permanently limit your account holding your money for 180 days, and which then you can receive a cheque. When I say permanently, I mean permanently, they do not care what type of account you hold, or how much money you possess in it.
I've had about 4 PayPal accounts locked now, and I've just given up.
If there is a donation button on your site (even if it leads to an external domain), and they find it, they will lock your account.