Yes, what you want to do can be done but there are few things that you have to consider.
First is that you are not going to use the WLC as the DHCP server so you should go to the interface configuration and point the DHCP server to the external one.
Now, what you want to do here is to make the wireless LAN controller a DHCP relay agent (or proxy), this way the wireless LAN controller is the one handling all the DHCP requests and it is going to be the one asking for an IP address in behalf of the client using the management interface. This behavior is enabled by default and I believe you have it already configured because it is necessary for the internal DHCP server of the WLC to work; it is configured on the "Controller" tab > Advanced > DHCP. On new versions of software this option is configurable by interface.
There is a catch though, if the DHCP server is an ASA or if the request has to go through an ASA or firewall, this might not work because by design some ASAs will drop every DHCP request comming from a relay agent so just consider this when you do these type of deployments.
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