It is possible. Firstly add the Auto Read More hack ( http://www.bloggersentral.com/2009/11/blogger-auto-read-more-with-thumbnail.html ) by Top Contributor Alumni greenlava to your blog
Now the only change that you will have to do is in 8th Step.
The code shown in the tutorial for Step 8 is
<!-- Auto read more Start -->
<!-- http://www.BloggerSentral.com -->
<b:if cond='data:blog.pageType == "item"'>
<data:post.body/>
<b:else/>
<b:if cond='data:blog.pageType == "static_page"'>
<data:post.body/>
<b:else/>
<script type='text/javascript'> createSummaryAndThumb("summary<data:post.id/>");
</script>
<a class='more' expr:href='data:post.url'>Read more ...</a>
</b:if>
</b:if>
<!-- Auto read more End -->
Change it to
<!-- Auto read more Start -->
<!-- http://www.BloggerSentral.com -->
<b:if cond='data:blog.pageType == "item"'>
<data:post.body/>
<b:else/>
<b:if cond='data:blog.pageType == "static_page"'>
<data:post.body/>
<b:else/>
<b:if cond='data:post.isFirstPost'>
<data:post.body/>
<b:else/>
<script type='text/javascript'> createSummaryAndThumb("summary<data:post.id/>");
</script>
<a class='more' expr:href='data:post.url'>Read more ...</a>
</b:if>
</b:if>
</b:if>
<!-- Auto read more End -->
I have highlighted the new code thats added. As you can understand from the first highlighted line, it checks if the post is the first post. If it is the first post then the whole body of the post is shown otherwise only the excerpt is shown.
Just one thing to take care when finding <data:post.body/> in the Template > Edit HTML. It is three instances in any default Blogger template. First instances is for mobile and the next 2 are for desktop.I would suggest you replace the last 2 instances of <data:post.body/> with above code.
Also you can check the working example http://prayagverma.blogspot.com/
But one thing to remember is that , as this is all done via JavaScript. In reality all the contents of the post are loaded first and then only the summary is extracted from it. So if you have a very long post then the time taken to load the homepage would still be the same(If its just text then it won't be much different ). In these cases the Blogger's Jump Break option is much better as its interfaced with Blogger's back-end and only loads the content prior to it and there is some real gain in terms of page speed