Sure, it can be done.
But at what cost??
The cost formula for hull armour uses the siglum
a to indicate "desired armour factor". But this wording is ambiguous.
Is the
desired armour factor the amount of armour which it is
desired to add, or the amount which it is desired to end up with?
My instinct is to go with the latter interpretation, since the amount of armour that you
add is not an armour
factor - the armour
factor being added armour +3 in the case of a planetoid and added armour +6 in the case of a buffered planetoid. However, I don't want to end up paying more for my ships than I have to, so if other people have different views I'd love to hear them ... and their reasoning.
(I've a horrible feeling this one will run and run ... but ...

)
If you find it confusing in CT:HG then I advise you not to try to design them in MT. As much as MT is my favorite rules set, its wording is too often quite confusing.
MT:RM, page 63, under planetois hulls:
Armor values: Planetoid is armor value 50. Buffered planetoid is armor value 56.
Additional armor may be added to a planetoid: substract the planetoid's current armor value modifier (from the Armor Table) from the desired armor value mass factor
Read to the letter (I guess either I read it wrong or there must be some errata), if you want a buffered planetoid armored at factor 58 (equivalent to armor 6 in CT:HG), your modifier would be 160-135 = 25, while an AF 40 (equivalent to a CT:HG unarmored ship) modifier is 33. If you want to uparmor it to AF 73 (equivalent to CT:HG AF11, and no modifiers difference from AF75, the maximum for a MT TL15 ship), modifier would be 587-135=452. For a planetoid ship, armoring it to AF 58 would have a modifier of 135-80=35, and to armor it to AF 73, modifier would be 587-80= 507
So, a 20 kdton (270000 kl) buffered planetoid left at AF 56 (equivalent to CT:HG AF5) would cost you about MCr 22.9 to transport and tunnel, leaving you 65% of its volume (175500 kl, 13 kdton) for systems. If you want to uparmor it to AF 58 (and so from CT equivalent AF 5 to 6), cost would be MCr 572.5. If you want to uparmor it to AF 73, cost would be MCr 10350.8.
For a planetoid ship (basic armor 50, equivalent to CT:HG AF3), cost for the basic ship would be the same than a buffered planetoid (MCr 22.9), allowing you for 216000 kl (16 kdton) for systems, to uparmor it to AF58, cost would be MCr 801.5, and to uparmor it to AF73, cost would be MCr 11610.3. If allowed to be uparmored to factor
It's not specified if its bonus armor is above the maximum per TL or not. If it is, maximum armor for a TL15 buffered planetoid would be 91 (equivalent to CT:HG AF 17), but the cost for this ship would be MCr 41418. For a planetoid ship maximum armor would be 85 (equivalent to CT:HG AF15), and cost would be 36182.
A standard 20 kdton ship armored at AF 56 would cost you MCr 2106, allowing you all its volume for systems. If armored at AF 58, cost would be MCr 2496. Armoring it to AF 73, cost would be 9157.2.
As you see, planetoids (either buffered or not) are not efficient in MT if you intend to have them heavily armored. They are if you don't intend to uparmor them.