If you are asking the question of high fidelity consumer equipment… no. Equalization always has negative impacts on sound… so while you might make a few gross changes… you are going to lose fidelity by putting a bunch of pots or digitally manipulating the signal. For high fidelity the only serious game in town is get the signal right, pass it as transparently as possible through the amplification chain to the transducers.
In a high end research and development facility with many many hundreds of thousands of dollars worth of equipment, sure.