Theoretically, yes you can. However, keep in mind the intent of a challenge essay is typically "what challenge did you face and how did you overcome it" wheras failure essays are typically "How did you fail and what did you learn from it."
I would recommend avoiding a duplicate challenge/failure essay for 2 reasons:
1) There are quite a few schools that have both of them
2) Inherent in the challenge essay should be overcoming the challenge. If you overcame it, then it really wasn't a failure, was it?