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There are few instances where I would say yes to this question when it comes to baking since sugar plays such a critical role in the production of baked goods. That said, this is one of those instances!
Because you are not really relying on the sugar for proper moisture, rise or texture, I think that would work. Sugar is hydroscopic, so you may find that your french toast is a LITTLE drier than usual, but should otherwise be fine. I also find splenda sweeter than actual sugar, so you may want to start with less and add as needed.
One last thought: you may want to use a little bit of real brown sugar on top because splenda doesn't caramelize the way real sugar does, and you'll want that yummy caramel crunch on top.