There's this huge thread titled "beyond the Ariel" over at diyaudio where the OP, Lynn Olson, came to a 'sort of' conclusion that a large Hi-eff two way a la Altec Iconic would be his preferred configuration. It took years to get there but that's beside the point. He never managed to built a speaker, but his buddy and partner in crime Gary Dahl managed to do so.
The components he settled on after some trial are the GPA-416B Alnico and the Radian 745PBNeoBE on an Azura AH-425 horn. This is a round expo horn similar to the 811 in dimensions and low frequency cut-off. He uses the 416 in a 3 cu. ft. sealed enclosure that gets down to around 70 Hz and has a sub assisting bellow that point. I believe it's an AE TD15H with passive radiators for the sub.
So, to answer your question, it's doable and if you research the aforementioned thread you will find more details i.e. crossover schematics, enclosure dimensions etc.
PS
BTW Gary Dahl also tried the GPA 515C Alnico and preferred the 416 in this application
Here's a link to his description of the system
Beyond the Ariel - Page 1114 - diyAudio
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