As far as I'm aware, the problem is that SCORM modules use javascript calls to communicate with the server, and browser security blocks cross-domain communication of that kind so the module has to sit on the server it is communicating with.

From the look of this discussion (which isn't quite the same question, but hits on some of the same issues), it may not be so easy to solve. This said, I'm open to suggestions of how this might work, if the content was AICC HACP then it appears with a bit of tweaking it might be possible: http://blog.commlabindia.com/elearning/lectora-courses-compatible-to-lms

This said, I don't know the technicalities of Amazon Cloudfront CDN and if such a solution is possible.