Technically its certainly possible, the sound system can use any data which is used in the physics. I've used a speed dependent road noise for now, but that obviously lacks the sort of effects you mention.
As for simulating the engine sound, all I know is that the current approach of mixing multiple samples is a bit limited so improvements would be welcome. Even when done well, the transition from sample to sample is often distracting. I don't know if full simulation is feasible, but perhaps some combination could work well in practice.