I mean, if we're talking hypothetically, I don't see why not.
Cwater, MATT, Myself, Havoc & AsianP are all the winners of duel tournaments/leagues over the last like 2 and a half years (that I'm aware of). Of those, only 1 (MATT) is a newgen.
oldgens had lots of skill and are more adaptable than they get credit for. Last duel tournament I watched, it ended up with 2 oldgens (Cwater & Runepkyz) in the finals.
So yeah, I don't see why not.
I'm obviously speaking for NA, I don't know how the old/newgen skill gap existed and evolved in EU.