Of course it can be done with today's technology, albeit it requires a much higher level of IT savvy and hardware than the average fly tier is going to have. The bigger question is, will it be an effective way to learn? While it might be a nice substitute to the demo fly tying of the shows (youtube.com is already filled with some excellent examples, as well as some really bad ones), it would be an inferior teaching/learning environment in my mind unless it were very close to being there. Perhaps virtual reality technology will get to the point eventually, but while distance learning has the advantage of getting access to remote expertise, it is NOT a suitable replacement for a real classroom environment with current technology. Check coursera.org or udacity.com if you want to get an idea of universities are doing in this area, and you should get a better appreciate of the advantages and the drawbacks of these programs.