Yes, it is feasible and economical to construct structural walls such as a 5 ft (1.5 m) high floodwall. Shotcrete is a method of placing concrete and has similar, if not identical, properties after placement. As you can imagine, shotcrete needs to be shot against something such as a one-sided form, gabion baskets, earth, expanded metal lath, or just about any structurally sound thing you can think of. The economy of the system is dependent upon the site conditions and the ingenuity of the contractor. An example of a similar structure is on the east side of I-880, south of Dixon Landing Road in Milpitas, CA. This project, a flood control channel, involved trapezoidal channel sections, vertical wall sections, and a combination of sloped walls with a vertical extension. If you have further interest, you should contact an organization with experience in this area. An excellent source is the directory of Corporate Members in the ASA Buyers Guide.