I think so.
A monk is very magic resistant and a decent fighter.
Plus you can buy some very cool stuff for a monk since he doesn't need armor or weapons. You can put that money in some cool rings or whatnot.
if you can protect the monk in the early levels when he/her is at their weakest (the hit'n'run sling strategy comes to mind), the monk becomes quite easy to solo with. by the end of chapter 2 you should have enough magic resistance to take on most mages (although you wont be able to do kangaxx until your fists hit +4)
the gauntlets of crushing, kangaxx's ring, cloak of mirroring (or cloak of the sewers for regeneration) make the monk insanely powerful.