Sure Dave but under who's banner? The IRRA actually did have a Retro Flexi class way back early on but dropped it for a number of reasons. I think making it essentially an existing class with very few modifications it might be possible to get the IRRA to try out the new class. Especially so since Trans Am is really very "Retro".
It doesn't need a "banner". There are many series around the country that don't have an affiliation with a particular ruling body. Personally, I feel a scratchbuilt chassis class is just the wrong way to go. There are too few guys with interest in getting started with the skill to build a chassis. Try getting a manufacturer willing to sell his older, out of date chassis at a discount to get them out of his warehouse. Use an easily obtained mid-performance motor. A vintage Trans-Am body would be great for this ground level class. Then develop a "step-up" class, using current stamped steel chassis, faster motors, and late model Trans-Am bodies. Now there is a goal for the new racers, and they can decide what path they want to take after they have mastered that class. There is where the new blood is going to come from in this hobby.