With a Fusion Drive, the SSD is not simply a cache in front of the HDD. It is a combined drive with data shuffled back and forward. So it can't "just" boot and be fine. But you can run macOS on it. Boot with a bootable installer, erase the HDD and reinstall macOS on the HDD.But if I "split" the fusion drive wouldn't the iMac just be able to boot from the HDD and be fine?
But do yourself a favour. Get a USB SSD and boot from it. Just as @Fishrrman says.