Would be much more possible if there were tracks that had the echo information., as in back of house(gym) mics.
The best way to avoid echo in these situations is to get close enough to the source that the echo is much lower relatively.
If you have a very priceless and rare recording (ie.- Jerry playing solo at an unknown/unscheduled event with no other known sources), there are folks that might give it a go. (Jay Serafin ?)
The echo spectrum would be analysed, and noise canceling(phase-inverted) sound mixed in to correct it.
Much more likely on a multitrack than a two-track remote recording.
I have never heard of it being done successfully, except on liner notes from a Grateful Dead "From the Vault" recording.