Yes indeed, and in fact, I've given presentations from hyperlinked HTML documents before.

What I liked about this approach was that you start out from your main content -- perhaps it's a summary or overview -- then you go off into a sub-topic, and then you come back to the overview so how the sub-topic is related to the whole is constantly being reminded to the viewers.

So yes, that kind of thing is what I'm going for (but I'm no expert -- I would love to hear more ideas!)