Quite smply, yes you could do this.
It would not be secure though. Any system using plain text passwords is not secure.
Another option (or feature) to the second option I gave, is to provide a command fore the user to get the password changed himself.
EG, he sends a message to the bot "/msg bot neednewpass", the bot makes a new password, and e-mails it to him.
By all means use the first method, as it's perfectly possible, however, each user would have to give there e-mail address and re-give you there password. This is so it can be stored in plain text, seeing as there is no way to decrypt it.
Another option is to fish about in the modules directory on the eggdrop FTP server (
ftp://ftp.eggheads.org/), there used to be a module, that would replace blowfish, so that plaintext passwords could be stored. However, this would 100% leave even global owners (and perminant) at risk.