Yes, I know it is possible, and talking about NVIDIA, I know it claims to have a sort of this kind of emulation, but until I can try it, I am skeptical (about accuracy and performance). Moreover, the NVIDIA SDK for Fortran developers is not the most bug-free, standard-compliant SDK. I am also skeptical about their vendor libraries.
I know we can recover high precision with low precision representation, but I am afraid of how much effort this requires for small (or solo) Fortran developer teams in scientific fields.
Stefano