In theory, yes.
But in practice, it is gimmicky and almost 100% doomed to failure.
A) the opponent can just switch into something resistant to PP stall Pikachu
B) Pikachu is weak
C) Wonder Guard does not protect from status moves such as Toxic and Will-o-Wisp, and almost every team carries one or the other
D) phazing Pikachu in and out of hazards, which Wonder Guard also do nothing to stop
E) if your opponent manages to take out you Skill Swapper before it can give Wonder Guard to Pikachu, leaving you dead in the water with two or more now useless Pokémon
F) As E⚡️ectridash02 pointed out, the Abilities Mold Breaker, Teravolt and Turboblaze allow hits to land on Pikachu
This has been tried many times, and 99% of all attempts end in miserable failure. It is strongly advised not to go with this strategy.