Sure, should be straightforward.
As Tim has remarked, the blending is the easy part, as there are plenty of examples doing math on tiles and combining values. See the Examples topics in the images section for manipulating RGB images with matrix filters, for example.
The trickier part is the setup, where you want the two different rasters cut out to the same overall size and using the same sized tiles. I've done less of that, so I'm intimidated by it. :-)
As a thought experiment, suppose you have two different rasters but both the same overall size and same tile size. Take the table for one of them, where you have a Tile field, and bring in the other raster as a Tile2 field.
You now have both rasters in the same table and, using the examples for matrix filters as a guide, you can easily create a Tile3 field that is whatever mathematical blend you want of the Tile and Tile2 fields.