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Depends on how you mean it:

Reading and writing LTO tapes to spec? Probably bordering on impossible.

Using LTO tapes to store and retrieve data in any way? Maybe doable.

Had me wondering if one could for example adapt one of the various data to VHS or DV projects and mod the drive to accept different tapes?

Example of one of these projects for those curious:

http://linbacker.sourceforge.net/screenshots.html

I guess that the mechanical part would be achievable by hobbyists, but that the signal aquitistion and processing for modern high capacity LTO drives is nearly as complex as with modern hard drives, which borders on magic :)

Can you buy loose high density magnetic tape?

Yes, the tapes are not expensive. The drives are.