It's possible if the dispenser is in good enough shape.
The biggest problem with old dispensers like that as with draft arms from old soda fountains is the valve bodies pit from the continuous contact from soda water which causes them to leak.
Soda arms use leather washers for there sealing means but pitting renders them useless as you lose the smooth surface for the leather to seal against.
I have three of those motorboat fountains and always wanted to try and get one going but haven't got around to it. The one in the pic could be good enough to work, it's in excellent condition. I'm going to hook up my newer fountain again and I'll have to give the motorboat a try.
The Director in this thread would be a better candidate for home use as it relies on o-rings for sealing which can be replaced. But they also have issues of their own which without knowledge would be hard to fix.
There is a very nice Dole Super on e-bay right now, the price is top dollar and I'm curious to see if it sells.http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=320624667424&ssPageName=STRK:MEWAX:IT