Short answer: yes it could.
The bandwidth of 320x200 HAM6 is 2.75MB/sec and the A500 bus (split in half between cpu/co-proc) was 7MB/sec. Since software was often lean (read: in a commercially viable state) simple double buffering and using both cpu and co-proc would problably do the trick quite effortlessly. Though in practic replay in DeluxePaint would probably be mandatory.
Fast ram could be used for storage, but not display - the whole thing must fit into max avail for 60Hz replay and this detail resolves that issue.
Fun fact: even modern PC's have major difficulties working under similar conditions (read: massive MB 320x200 raw animation replayed with flawless 60hz fps). It's ofcourse the OS of Win/Linux/Mac that bogs down performance and nothing else.