you definitely could. it's typically more expensive since things were done in analog. Jack White released an album that a recorded in the old 8-track analog recording method (like in the 60s and early early 70s). but it is apparently more expensive since digital recording due to less equipment and post production costs
There are DJ's who make this possible with only digital equipment, one of my personal favorites is Onra. He makes smooth, funky beats with amazing vocal samples.. Not sure if this is what you were looking for but I think it's good quality music worth checking out. Listen to Night and Day, Mechanical, Wonderland.. These have an 80's vibe
Ah, why would you want to do that? Other than 80's trash metal, the production of that time was awful. I hate how there a good compositions from the 80's ruined by the excess of reverb added of the electric drums. Plus the guitars kind of went to the background and the bass went for a funky sound generally. 70's production, in my opinion, felt much more organic and each instrument had room to breath while the drums took the backseat. Flawless
The perfect example is listening to Pink Floyd's Animals or The Wall which were released on late 70's and then listen to A Momentary Lapse Of Reason which was released on mid 80's, apples and oranges. Same goes to Black Sabbath, Deep Purple, etc...
I think we may go into an era of music where people will go back and use equipment from different eras to create the sound required for instance anything from the 1950s onwards was produced to a high enough level to be deemed okay by today's standards.
You would have to consult with a recording engineer who could tell you how to recreate the studio techniques of that period, including probably what kind of multi-track tape recording was being used. Those old machines are sitting around somewhere.