Sure, but I'd think if there was a modern engine which was a direct replacement for IO-360/520/540 to be installed in ANY aircraft originally equipped with the Lyco/Conti engines with minimal extra cost, there'd probably be some moderate demand. It's like doing an LS swap in the auto world. If you could get the same or better performance out of an alternative engine for roughly the same price as the OEM engine, you'd probably see people make the switch. Easier hot/cold starts, potentially better mileage, one or two less knobs to mess with at the same cost as the factory engine? Sure, why not! Alas, those pesky FAA certification rules for performance and flight testing come and ruin it for everybody!