Ethernet 10baseT..100Baset, ghz requirements include transformers for CMRR and to break ground current loops.
Use in telecom, broadcast, pro audio and pro cinéma all use the transformers
See the PHY IC mfg app notes and eval bds.
Depending on the requirements, EMI and transient susceptibility and environmental you can certainly try your scheme but 8t will not be Ethernet.
The transformers are available in single..dual, quad a etc in DPI and SMD package
Some RJ45 have the magnetics built in.
Suggest that you read the Ethernet PHY standard and specs for the desired baud rate.
Bon chance
Jon