A network diagram would be useful, but generally yes. You can build ICMP probes and track the state. You'll want to specify the source IP from which the probe is generated to avoid a "sneak path" making the probe appear good when the backup path routes to the remote end.
If it is strictly layer 2 paths that you are looking to protect, you will want to do that with spanning-tree and not VRRP.
I just wanted to check back with you on this post. Were you able to find a solution? I agree with Jay that we typically use a Network Monitor solution (probes and tracks) for WAN failover. Feel free to respond if you have further questions or updates.
I marked a correct answer for this post. However, if you have any follow up questions or updates, please feel free to add them on this post.