Maybe, but Looking at the Grind, I'm seeing stock everything: Bridge, tuners, knobs, etc (except possibly the pickups which are still a cheap soapbar style). They both have a thin satin poly finish. Grind is a neck-through, but to get the heavy cast 2-tone hardware and custom pickups I still think you're looking at a $700 dollar tag if you want to make it a dead-on reissue and then you're back above the price of the real thing.I don't think it's as complicated as you think, obviously the wood would be different and hopefully it wouldn't be as heavy, but Peavey already has extensive operations overseas, and with the resources that they have I would bet on them being able to produce a foreign made T-40 reissue sold for $500 or less. They would of course have to commission all of the parts themselves as everything on the market is boutique = expensive.
For example: The Peavey Grind Invalid Link Removed is a good comparison to the cost of a T-40 reissue. Peavey would literally be replacing the neck through design (though a neck through T-40 would be pretty cool) and the fancy finish with upgraded electronics and hardware for the T-40. Which I would bet on the cost about leveling out.
The Grind shows the ease with which you could make a T-ish bass at a low price-point. I'd love to see it, but I wonder if it wouldn't be received roughly the same as the Fender Modern Player Telebass. A bit of "Ooh that's cool", followed by lack of interest and a quick discontinuation.