Yes. I already made a 4ch 16-bit software-mixer for 7MHz 68000 Amigas using the original PT replayer, so I know it works. It mixed at around the same rate as the Mac version will use (22kHz).
Not sure when I'll have something to show off, I'll need to set up some stuff on my Macintosh Classic first, then find the motivation.
And I also need to take into account that I may get stuck getting it to be fast enough. I know there are some limitations on 68k Macs as the available CPU time is not really 100%.