Its not only possible, its already been done in countless movies.
Entire shot is CG, the guns in this movie were all fine.
Most certainly chases nowadays use SOME CG as well. People really don't get how much CG gets used in movies that they never even know about.
That last Batman movie we got? His cape was CG the entire time, and you never even noticed it. The cape is literslly not even there unless its a scene where he's standing completely still. Any time he's moving the thing is CG, and it looks indistinguishable from the real thing.
And you're telling me they cant recreate a muzzle flash? Of course they can.
There is zero good reason to not use plastic stand ins at this point. It saves time, money, and lives.
You know what else is difficult? Telling a person their mother/father/sister/brother is dead and gone because of a freak accident involving a very real weapon, and a dangerous one.
The 5% of people who will care about the accuracy of the smoke coming out of the barrel aren't a very convincing counteragrument.