Yes, it's possible. Feasibility would depend on what exactly the data is. Much of it is encrypted, such as data traffic for law enforcement MDT's. Some is SCADA, which is telemetry. That's not likely to be encrypted, but it's also not likely to be anything that can be "read". It might be water tank levels or on/off status of a pump someplace.
Some is control channel data. There are programs that can decode that, and if you're really into the functional details of a trunking system, it can be quite interesting. And some of it might not be data at all, but digitized voice. The right scanner would decode most of that with no problem.