It can be done but with care as the remains of the fallen stack are not far underwater! Do it on a high tide and watch one of the fishing boats do it first.
If you want some company and someone to capture it on video, post a date at some point and we'll try to meet up with you.
Edit: BTW there is a very good book, 'Solent Hazards' by Peter Bruce, and a video, 'An Aerial Pilot of the Isle of Wight', if you fancy some winter homework.