In general, the two steps:
Radical finding
Dimension reduction with found radicals
can be iterated multiple times and the obtained radical basis can be used to represent any Chinese character. And, yes, I think that basis is going to be similar to the Cangjie input method.
I am not sure how fruitful or useful that representation would be. It depends on the purposes for its use. For example, in general the Machine Learning (ML) algorithms that provide good explanations are not that good for, say, ML classification or approximation.
