Yes you can do this.
One way: Add a <build> section to you profile and add a <plugin> section fort he WAR plugin, then for each profile specify a different web.xml
Another way: have one web.xml which contains property references (e.g. ${production.stuff}). Then have two profiles, one that sets production.stuff to an empty
string and the other that sets production.stuff to the web.xml content you want to include in your dev environment.
I make extensive use of the second option above for a number of things, including log4j settings and various tweaks that I use while testing. Also, I usually have only one profile which I use for setting development options, and it is in my settings.xml file - in the POM I set the production property values. This way the build machine picks up only the production values without having to set and specific profile, and my development build picks up my settings.