It would be possible, but I'm sure you would have a ton of errors in translation along the way.
Ashbad, that looks like it would get a few things right, but all it could properly do is Bcalls.
Well, it would technically work if it searched for patterns of opcodes in chunks and correlate them to Axe commands -- though I can imagine some errors in places where there are a ton of complex routines mixed with pointers and curly braces. However, the one place it would definitely be different is that it would put all data declarations together and in hexadecimal delimiting, probably at the start of the program for compilation's sake. For all non-matches with commands, it would simply insert a Asm(hEx here) instead.
I think it is very possible and very impractical.