Is it possible to make a book with only blank pages + full bleed color photo cover?
I'm sure you can. Not for distribution I'd say. But you're own project don't see why not.
Blank diaries and travel books do exist for people to record their experience, but there is always something printed, at least the number of the page.
You can make a book with just blank pages!
I would advise, if you put it up for sale on Lulu, to just be clear in the description that it's a diary/journal and there will be no contents.