I don't believe it happens often, but I imagine it is possible.
The Hawks were wrestling Penn State in the BJC and Dana Weber headlocked Ironside and held him flat forever (first period) and while Ironside looked pinned numerous times the ref never slapped the mat. Weber put everything he had into squeezing Ironside flat that from the second period on it was all Ironside who won by tech fall. I don't remember the score but Ironside scored a ridiculous amount of points against an exhausted Weber.
Weber gassed from a dominant pinning position, so a top wrestler who has to work super hard to stay on top it makes sense.
With that said I don't think Hall gassed because of his ride. It was the cumulative effect of the weight Jordan had on Hall plus the ride after the reversal.