Short answer is yes, but it won't be easy.
Not sure if you can use the existing servo drives, but if you can, you'll at least need to use a Galil or DSPMC card to drive them.
I'm guessing you'll be largely on your own, as there aren't many Mach3 conversions of machines like that. I only know of one:
[nomedia="http://www.youtube.com/watch?v=Ai7mGOdbhns"]YouTube - ‪Biesse "duzzit" conversion. New drilling cycles completed. Much better!‬‏[/nomedia]
The guy who did this Biesse conversion can be found on the Mach3 Yahoo group. His email name there is Bennyattwell. I believe he's a member here as well, but don't recall his username.
$500 would easily be worth it for the linear rails alone, though. Just be aware that you'll have your work cut out for you.
I've never seen that particular machine, but generally, the electronics are extremely complex. Hopefully, you can get the schematics, and know enough to understand them.Any input on the electronics side would be very helpful.