Quite possible. In the article I mention that a Lithuanian hacker by the name of notaz statically recompiled StarCraft, Diablo 1 & 2. But it's a huge effort, of course. Even better would be to (partially) decompile to, say, C for better performance.
It should be possible to automate translation of the machine code? I've disassembled pure binary with a tool before. How much more work to re-emit ARM? Especially with modern executable formats including debug info, identification of code and data segments etc. which was problematic with pure binary
I'm not an expert on the topic, but the way from a x86/x64 disassembly to an ARM binary is very long. The identification of segments is not 100% accurate, manual corrections will be required, addresses have to updated etc. I'd say fully automatic translation is not really feasible, but I expect to be contradicted :)