Should be entirely possible..
It's just a matter of choosing your way to fake the distance..
This would obviously involve scaling (either the sprite or the layer)..
One way would be to "shoot" sprites with the bullet behaviour from the center and scaling them based on distance to the center..
for the trail effect you could spawn sprites with fade out behaviour at the bullet position..
This would create a lot of sprites onscreen though, so you might want to get creative and think of other ways to achieve a similar effect..