Yes, it's more than possible.
The drawback is time. To recreate just one province -and bear in mind, in Morrowind we never actually visited mainland Morrowind, so more effort on making would be needed- would take a lot of time.
The low detail land meshes are there, but it depends on how complete they are. Higher detail textures, landscape objects, terrain detail, villages, towns, cities, forts, ruins, random clutter and vegetation would have to be placed. And thats before you get to placing creature spawns, NPCs, scripting, doing dialogue, quests, item placements and so on.
It's possible, just a very time consuming task.