Yes, it can be done, but it's a yearly deal. They say a picture is worth a thousand words, so see for yourself

This is the tree by my back porch on 3/1/2012

Here's the same tree on 10/30/2012. Eight months later.

This is the way things go, year after year. Between this tree and the others I have, I took 125 cuttings to the nursery this year.

And this is the way things started in 2006!

If you do plant it, give it plenty of room! I didn't.

Plumeria are trees don't forget. And big ones too!

It's not the best looking plumeria in this shot, but it gives you a sense of how large plumies can get.

Good luck..

PS...Plumies grow much, much bigger in the ground.

AGREE WITH (OOPS) that^. But that's ten years down to road. Whatever?

Consider some of the slower growing and much more compact 'dwarf' plumerias.

Here is a pic of it. Not so much worried about it for a couple of years; but would like to train it to have branches growing vertical like I'v seen on another thread. About six months ago stuck a cutting from the neighbors trash pile and stuck it in the ground. As winter ended it started growing leaves like crazy and now it has two big flower clusters coming out of each branch.

Splats....where are you anyway? That dirt looks like Hawaiian topsoil.

A good plan, but keep in mind the way Plumeria grow. The leaf scars are where new branches form when they are pruned. Here's a shot of one of my frost bitten plants. Effectively the same as pruning.

You can see new branches forming from the leaf scars. Pick a point just above a leaf scar that is facing the direction you want the new branch to grow and prune there.

But wait a bit until you see which way the new branches go from the inflos. Who knows, one of those might be growing in just the direction you want! In fact, on the left branch, it looks like there's one that will go vertical (the one on the right). Hard to tell from that photo.

But you've plenty of time to worry about that!

Looks like you have a fair amount of space for that tree too. I like to keep them pruned low enough so I can actually see the flowers. That back door location is a poor one for viewing the flowers.

I like to prep plants at this stage by lightly shaping the branching. The low v will tend to get wider as the branches get heavier. I would support them in a way to promote a bit more vertical growth. Essentially narrowing the V. As the plant matures the wood hardens and becomes less pliable and the training supports can be removed.