In theory you can do this, but keep in mind that for married filing joint returns, the student loan interest deduction begins to phase out at $130k, so even if you got your AGI down to $159k, the deduction would be minimal.
The other wrinkle is that the IRA deduction may not lower you AGI:
IRA
deductibility - covered by employer plan
IRA
deductibility - NOT covered by employer plan
If you haven't finished yet, you can do the "what-if analysis" at:
Deductions and Credits > Retirement
and Investments > Traditional and Roth IRA Contributions
