Yes, that should work assuming a light build and power system optimized for the load. I think you could do more like 6-8 minutes of flight time.
Details: For a light build with no camera or gimbal, say you have 300g for the frame and light landing legs, 300g for motors/esc/props, and another 100g for flight controller, etc. That's 700g total or 175g/arm. Say that 1500mAh battery comes in at around 150g. Total weight per arm would be about 210-215g. Assume you pick the motors and props right to get nice efficiency -- typically a maximum of about 10g of thrust per watt. That means you need a little over 20 watts/arm to hover. Call it 100 watts total for gentle flying. At 3s power, 100 watts is just under 10 amps. A 1500mAh 35-75c batter can easily provide 10 amps (even 25C would be more than enough). Assuming you use 90% of battery capacity your hover time is 90% * 1.500Ah / 10A * 60 minutes/h = just over 8 minutes. That's the best case. More likely is a few minutes under that with gentle flight, say 6-8 minutes of flight time.
Another way to think of it is that 210-215g/arm or about 850g all up weight is just a little over the weight of a Phantom 1 with a 2200mAh battery. But on this hypothetical 450, the 1500 battery has about 70% of the capacity of the Phantom's 2200 battery. So you should get something like 70% of the flight time of a stock Phantom 1 -- again, about 6-8 minutes depending on how you fly it.
