I’m not addressing implications, only citing that there would be. You didn’t ask specifically if it were “legally permitted” you asked if it could be done. “Can” is very open-ended.
Legalistically, yes, it can be done.
Socially, no, not really…it wouldn’t be possible to reinstate the Papal Tiara without a fair amount of social and ethical challenges.
So the answer is two-fold. There is nothing stopping the Papacy from retaking this tradition in the scope of the law. However, there are many other reasons besides legal ones that create a scenerio of virtual impossibility.