Hi Megan,
This a very interesting topic. The short answer is yes, it is technically possible. QuickFields and Workflow can be used to mass-redact documents; and I believe there maybe a third party product that can do this as well. Whether it is a good idea or not, is up to you.
My experience is that:
While it is possible to mass-redact documents, the person redacting will inevitably have to review the redacted document before releasing it to the requestor. They will need to check for
a) missed redactions due to poor quality originals
b) handwritten information (either in the body or the margins)
c) images or charts.
d) other sensitive information not reducated due to the context.
Performing this check may make the process even longer than before.
In any case, happy to chat with you about this if you would like to explore it further. I am sure there are others that may chime in with their experiences too.