Using the IP address would cause havoc in an estate running DHCP (which I'm assuming you are using).
The reason for this is that it means when a client machine's IP address changes, they will link into a different client record in the SEPM. This leads to changing client details (OS, inventory, features, policies, etc) and would results in inconsistent client behaviour and useless reporting.
That said, it is possible to replace the hwid using the MAC address. Assuming you don't go swapping NICs around on your machines all the time (or use MAC spoofing), these can usually be assumed to be unique.
An example of how to do this can be found below (scroll down to the "Use a startup script to set a fixed HardwareID at boot" section):
http://www.symantec.com/docs/TECH123419
Note that is this specificall for Citrix environments. Using the instructions described in this article on a different kind of environment may not be supported.