It's possible, the M0SUB is a bus master and can access any memory location in the LPC4367.
But as the M0SUB is behind a sync bridge, there will be a latency.
I think it is 4 wait states, so you will only get 25% performance compared to execution from the LOCAL 16+2kB SRAM.
You can access the SPIFI with the M0SUB, but not exclusively. There is no systemwide MPU in this chip, only the M4 has a memory protection unit. All other bust master with their DMA or the M0APP could also access the SPIFI, so you can't establish a firewall in order to keep the access exclusively to the M0SUB.
Regards,
Bernhard.