It's possible, depending on your definition of "very precise"
The current stable kernel isn't what you would call realtime,
so you can experience significant latencies. There are
various patches that you can use to solve these problems,
but if you are doing your own hardware this may not be an
issue b/c you can abstract problems like that away from the
kernel.
If I were doing a project of this sort (from the brief description
of it) I would try and use drivers already in existence if possible.
An example of this is my company couldn't use the default bttv
stuff in the kernel b/c we had unacceptable delays getting a
camera up and running (It was looking for a tuner chip when there
wasn't one). Rather than re-write the driver we just took out some
hardware detection code and saved 20 seconds.
What kind of interface is the CCD camera use?
If the it is still a choice see if you can use an interface or chipset
that is already supported. Writing a driver from scratch may be
more trouble than it is worth unless you need the code to be
closed source.
If you have really evaluated your choices and you want to hack
the kernel this site will get you off on the right foot.
http://www.kernelhacking.org/
Edit:
<hits head>
And of course if you take a look at a kernel tarball
there is a directory inside called "Documentation"
Many many answers are contained within...