Yes, this idea and multiple others are discussed in the smart bulbs switch FAQ. You should find it interesting. 
The biggest problem with hardwiring a bypass is then if your home automation system is not working you can’t turn your lights on and off.
Recently, a new type of device has come on the market which is intended to address exactly this problem. It is a smart switch cover which goes over the existing switch. The cover has its own buttons. So you leave the original switch powered on underneath the cover, and then use the buttons on the switch.
This gives you an intuitive wall switch, but the original wiring is still in play should you need it.
Also, because the smart switch cover talks to the hub and then the hub talks to the smart bulbs, as long as you are using SmartThings, they will work with any smart bulb which is controllable from SmartThings including LIFX.
But take a look at the FAQ: you’ll see many options. 