Yes, I think it is feasible for a day trip, but you might want to combine it with the ruins at Coba unless you just aren't interested in that type of activity at all. It is about 1 hour, 45 minutes to Coba, and another 20 to Punta Laguna.
You could take a bus to Coba pretty easily, and then shouldn't have trouble finding a cab to take you to Punta Laguna. But I have no idea how much the cab would cost, and you would want it to wait for you. Nothing else down that road.
I think the biggest issue with that plan would be the bus schedule and whether or not that worked for you to Coba and back. There wasn't a lot of options on the bus schedule when we researched that option.
And many people hire a cab for the day as another option. You could take an inexpensive bus or colectivo to Tulum which gets you almost halfway there. And then find a cab to take you to the reserve and back. Lots of buses to Tulum Pueblo throughout the day.
It is definitely worth doing. Hope you find a way to visit and have a great time!