I don't see why not!!! Many bakers do this.Can't wait to see the results!!!
Cookie cutters will work (ie if you have the metal ones that are high enough). Yes you can split the layers like that-I have done it before with a 10x15 when doing petit fours too as a matter of fact. Just watch your bake time. The little stem on the pumpkin mite give you some heartburn depending how big your cutter is ie how wide that piece is.
Think about it-jellyroll cakes for example are made thin in a 10x15 typically and rolled. They are nothing but sponge cake.
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