Possible, yes. Too expensive for networks to bother with? Definitely.
Until the AMC series Hell on Wheels
pilot gets picked up for a series this new show at least offers a western on TV :
A new documentary series (much cheaper to produce)
"Last American Cowboy"
Animal Planet, Mondays at 10 p.m. started June 14.
Following the families who own and operate traditional cattle ranches in Montana.
appears to be shot over 8 months.
USA today says
one of the summer's more interesting reality ideas
This falls under the Professional activities
& Special living environment
docudrama sub-genre of 'reality television programming'. It's not a Competition/game show type show (thank God) but is it a substitute for scripted drama [Western episodic]? When shot over 8 months a docudrama is more of a documentary-style show.
a good 1:45 minute preview video here
Last American Cowboy: The Cowboy Way
some beautiful vistas in the cinematography, especially the helicopter shots that are Western feature film quality.
If you get Animal Planet HD
you are even luckier.