No it cannot. Your best option is to update to 4.1 or 4.2 (practically identical, so you're probably est to go to 4.2. An official WiFi update will get you there), use dop-Mii to restore Trucha bug and ES_Identify/ES_DiVerify (same thing, different names) to IOS36. Then run StartPatch 4.2 (Get the latest 4.2 version) and choose IOS36 to use for installation, then apply your patches.
Before updating, make sure you update HBC so it isn't deleted by the update. Also, if you have BootMii/boot2, it will be overwritten by the update, but you can easily reinstall it afterwards. Make sure you don't perform the update during a storm or something, because if you lose power at the wrong moment, it could damage your wii.