Homerow Mods: Instant tap, backspace + activate modifier after $hold-time

[GetPsyched6]

Is there a way to set up homerow mods so that when tapped, the key is immediately pressed, but after the $hold-time (if the key is still held), it backspaces the tapped character, and the modifier is active? I'm dealing with tap-hold's delay and I was wondering if this implementation was possible