In the realm of sci-fi, there is nothing off the table at any time which makes it interesting. As for the exact mental consciousness? It would vastly depend on what exactly was reverse-engineered from the Traveler to see if it was possible. But yes, it is figuratively speaking, possible. From the current lore, however? I would not place my money on that actually happening. Cayde is definitely being simulated though by the Vex. It's more than likely they have the answers you seek as they can materialize possibilities and reverse those theories into reality within their network. This is what makes even a farmer/non-combat droid for them so powerful.