Yes - easy-peasy IF it already exists as a PDF or Word document. Paper quality is so-so however, unless several hundred are ordered in bulk. The Snailbeach Lead Mine book was published by me via Lulu, and because it was a bulk order, the quality was much better than expected. From having the Word document sent to me and a pile of digital images to be inserted, it was printed and available in a matter of a month or two.
All this is entirely a decision for Graham, however (or the partnership mentioned by JonK). All I say is that it can be done, and possibly quite easily.
However, as Mike Moore once told me, second editions rarely prove too popular as most interested parties in a specialist market already have copies. So if a new edition was put together, sales would not be particularly high, I suspect. That doesn't preclude using Lulu - if anything it makes the option a better choice as it is a highly viable route for small print runs. The quality would not be stunning, but would be acceptable.
I do our A4 WCMS research journal "Cave & Quarry" using Lulu, and easily did so at an acceptable cost for a run of about 130 copies I recall.