Yes, it could technically be done very well, but not on a BBC budget. You would be talking about a multi-multi-million dollar production to do it properly at the present time. Give it a decade or two, however, and you'll probably be able to do it yourself on your home PC!
I'm not sure whether Tom would ever want to appear again in the flesh, but if he did, I would much prefer him to appear just as he is now, and have it allowed for in the plot. It wouldn't be difficult to come up with something to do with time paradoxes or whatever.
Frankly, though, I could understand it if approaching 80, Tom prefers the relatively hassle-free audios.
"A man's work is nothing but this slow trek to rediscover, through the detours of art, those two or three great and simple images in whose presence his heart first opened."