Yes, although it would be easier/better if the timber used for the frame of the wall and floor panels was square in cross section. The frame of mine is made of 38x38mm, screws through one into the other
38mm sounds a bit flimsy for the floor, unless your suggesting a frame on top of the joists?
i'm keen to get the floor on skids as I want to have a space heater running over winter (and spring it seems).
So I'm planning a timber shed build using this method for the floor/wall junction.
Question is, how is the wall secured to floor? I'm guessing at just banging some nails through the sole plate into the joist?