Hi,
If you choice is to use a Raspberry Pi as collector, or any other platform (with an USB host port), you have to connect the USB tranceiver (it comes with the watch), and write a simple software application which reads data from a USB-Serial port. Then you'll have the samples collected with the watch. I can share with you some information about the commands to control the watch and ask for acceleration samples.
My application was focused in identifying human movements and activities based in a single sensor attached to the wrist. Considering a single source of data, it has some limitations and positive/negative points.
I'm not a sleep pattern study specialist, but considering that my FitBit can extract very intersting information (being attached to my wrist), my answer is YES, it's possible. But have in mind that you must study all limitations involved with the use of a single sensor, such as: individual position while sleeping (Sleep belly down/up; sleep on the arm, blocking its movements, etc).
I hope this little contribution helps you.