Yes, it can be achieved. It would require some clever manipulation of images either in software or using a shader. Depth sorting would be a significant challenge--but my first impression is that it would be easier than what I encountered in my isometric thread (in the Journals forum).
Also, take a look at Bunosphere when you get a chance:
http://community.stencyl.com/index.php/topic,51297.msg283397.html#msg283397