Now that GMAKER is out-in-the-wild, and MEDNAFEN supports the PC-FX for easy debugging ... then I'd have to say that "yes", it is possible.
It just not going to be "easy".
The GMAKER documentation is all in Japanese, and you'll have to use the old version of GCC that the Japanese hackers made in 2000 and also their versions of Hudson's GMAKER libraries.
If you do that, then I believe that those guys already got around the PC-FXGA-only restriction.
There will be a more up-to-date toolchain at some point ... but I keep on getting distracted from working on it.
With Alex Marshall's "liberis", you can definitely build a PC-FX CD that boots on real hardware.