Simple Answer: Yes, possible but if emuNAND is 9.3 or above it won't be exploitable anymore. Do only if you got hardmod and a NAND backup (preferably 9.2 or below) just to be safe.
Detailed Answer: Note that emuNAND is the 'exact' copy of your console's sysNAND (when you first create it). It is not 'patched' but rather been patched by Launcher.dat during boot to emuNAND. That means you can write your emuNAND back to sysNAND BUT there will be no 'patches' and IF it is 9.3 or above it won't be exploitable anymore. For example, 9.5 that you going to flash will not be exploitable anymore.