From a technical standpoint there's absolutely no reason why it can't work like that, and as I said, looking at Tweak that seems to be the case. When you enumerate all the different settings, it's still a lot to get right of course, but if they have real data available that should be easily doable. Tweaking any underlying physics algorithms should not be required unless some flaw is discovered while creating the new car.
This is of course a bit of guesswork on my part, but based on what information is out there, I think it's accurate. Only the devs know for sure.