The answer is: yes, you can if you are willing to spend ages debugging the project. If this is to be produced in a very high number of units you may still consider the options above; however if not, you will be much better off using a WSI chip - check http://www.psdst.com/ - or memory mapped I/O configured in a CPLD. You are buying a Medusa trying to use the P2 pins with external memory.
Have fun, not nightmares, stay away from using P2.
Erik