Why not??
I trained primary students in Bonanzas at Mesa. My students did just fine. One was an Army Reserve rotorhead with no airplane experience; the other had a few hours of flying. I also worked with other primary students at Mesa and they did fine.
I think the worry might involve some of our own experiences. Most people train in fixed-gear and can't fathom primary training in a high-performance retractable. However, if you don't know from it otherwise you won't know the difference, so if the retractable is the student's sole experience flying he/she won't know the difference. In your case, your student hasn't flown enough for habits to be ingrained fully.
I would attack it from a procedures or flows aspect and don't be satisfied with less than perfect execution of the procedures. Encourage your student to do dry time. Of course, you have to have him demonstrate the emergency gear procedure and you should throw at him all manner of gear and prop emergencies before solo.
The foreign airline flight schools use Bonanzas extensively for primary training. And, after all, what is a T-34?
Hope that helps. Your student will do fine.