Of course they may be able ... when you have enough programmers with enough time, it's certainly possible to make an emu with VGS' compatibility and D3D support - but I doubt they would be able to keep the system requirements, one of the biggest pluses for VGS, that low with D3D added, so keeping in the software modus would be required as well.
But still, I personally somehow doubt Sony bought VGS to continue it
