Sure, a lot can be done. Source code translation always offers the possibility to replace one instruction by a sequence - like Intel already did for a few. This would as well solve the issue of incompatible hardware, like simply exchanging all registers with a copy in memory when the alternate register set is selected.
Just, who should do this?
Intel had ...
I'm going to say "No" simply because the 8086 doesn't support the alternate registers of the Z80. That was a fairly important concept that you can not directly mimic on the 8086.
Mind, if you're willing to dedicate memory and whatnot to support it, then, "sure". Replace the Z80 functionality with a macro, say. But now you're stretching it....
Missing so far is the roughly Z80-compatible NSC800, from National Semiconductor. (I forget the details but I see a CPU World comment tah it's a "Z80 in 8085 clothing").
Its USP was its CMOS construction and much lower power consumption than any of its rivals (until the Hitachi 64180 came along several years later)