Yes you could but I wouldn't implement that in HW. Linked lists make sense when using them for DMA engines as those are controlled by SW using a linked list as the data may be out of order packet data being reconstructed.
In the case of arithmetic data the data is unlikely to be distributed randomly over addresses in a memory, so there wouldn't be any reason to use a linked list.
I suggest a design with two data start addresses, two data lengths, and a shared n-bit ALU resource that operates on the data and produces an output for each n-bits of data at its inputs. n could be 32-bits if you want a Nios to control the arbitrary word width ALU. So for your 1024-bit operation you would have to read 32 32-bit data sequentially from the start addresses and preform your ALU operation on them and store them into a results memory. Any carries would be routed back to the ALU for the next 32-bit read of the input data, until all the bits of the two inputs are operated on. You'll have to come up with a method to deal with inputs that are non-32-bit multiples.
I'm sure there are other approaches, but this is the first thing that came to mind.
BTW this design would require multiple clock cycles to perform an ALU operation that increases proportionally to the number of bits in the numbers being used.
-alan