Correct, it has been done and got shutdown immediately.
https://en.wikipedia.org/wiki/Williams_FW15C
Mercedes is running with a CVT again for some years
By rule, all F1 teams have to use a sequential gearbox. It is section 9.7.1 of Technical regulations:
9.7.1 The number of forward gear ratios must be 8. Continuously variable transmission systems are not permitted.