Yes, you can do that. On the day before leaving, since you can't dive in the afternoon, they run a trip to the local village that you can take. It's about at 20 minute walk across the island and you can buy their local crafts and stuff like that. I didn't end up going though, so I can't say anything about how it is....
Another thing to mention, if you want to bring school supplies for the local village, you can and Wakatobi collects it and when they get enough (a couple boxes full I guess), they deliver them to the local village. I brought a bunch of boxes of crayons, some coloring books, pencils, pencil sharpeners, notepads, stuff like that which I picked up for almost nothing at a dollar store here. They said they really appreciate that kind of thing - especially crayons because they go through them so fast. Just a thought!