Honestly, I haven't actually worked Visual Basic Express, just Studio 2005.  Google has lots of information about SQL Server Express and the SMO object, but I can't seem to find anything about using SMO with Visual Basic Express. 

Since SMO is supposed to be included with SQL Server Express, though, and since SQL Express is supposed to be usable with VB Express, I would say "yes" with a caveat.  As long as you can create the appropriate references, import the SMO objects and are using Visual Basic Express 2005, that you should be able to do this project using that tool.

Now you've got me wondering, though.  I'm going to have to download the Express version and give it a whirl.  @=)