Having read the sheet, and the posts - I don't see how that would be a valid move. I have, however, seen it happen before - in a sense:

Kofi Kingston vs someone I forgot. The other guy went for a clothesline and Kofi, at least I think it was him, flipped around it to reverse it. 
But that's besides the point.

It doesn't seem plausible for El Presidente to not only grab the club, which I assume is being swung with a fair bit of strength and then climb it to deliver a smack. 

So, yeah - not gonna happen