I don't see why not.
We're not talking about a ranking event whereby inviting somebody in at expense of somebody else could effect a person's season unjustly. The Premier League has always been an exhibition event whereby some entrants are there due to their ability to pull a crowd rather then anything else. Though it may sound patronising, I think having a female enter would create an interest in the Premier League. Not because a woman being able to play snooker is a novel idea. More the fact that you know it happens, but you rarely see it televised. I'd watch at least a couple of her games to see how good she really is. And there'd be newspapers and sports results that'd want to make a big deal out of it. It'd bring in publicity to snooker, it'd make me watch the Premier League more regularly, despite not usually being a big fan of it. It'd help publicise the womens game, and would maybe encourage other women to participate. Where are the losses really?
It depends how Reanne feels about it. I've never really seen her play. Is she any good? Would she be able to do herself justice? If she turned up and got mullered every week, it would be embarrassing for her, and may not be the most beneficial thing for her or the sport. And there is a bit of a risk of it becoming a bit patronising; "Look everyone, she's a woman! Isn't that something special?" If she feels it'd be something she'd like to do though, I think there's a lot of benefits.