Controlling the Dial with vertical and horizontal drag

Is it possible to add a feature where by pressing the center of a dial and moving your finger up/to the side could adjust the value being sent? Preferably with the option to turn down the sensitivity of the dial, so it takes a longer time to reach max?

Sliders are awesome but dials are just so space efficient. If I could populate a page with some dials at the bottom to save space and then have the ability to press on them and move up I could use the entire screen real-estate for fine control of the dials but not have to dedicate the whole height for a slider.

I hope that makes sense.