No, because the older iterations of League do not exist, the art and camps are not supported by the new LoL.
Runes no longer exist and modern runes would ruin seasons like 1-4. Champion that no longer exist would need to be recreated. Old Sion and Poppy. League has to many variables to restore a "classic version" What really makes the game classic? Removing Kaisa/Syndra/Ivern/ and Ornn serves what purpose exactly?
Items that have been heavily reworked or removed would need to be returned. How would they go about this?
Revert to Season 1 and remove everything new?
Revert to season 1 balance and keep new (power crept champions?)
Revert to season 3 and hope that everything works out?
There are too many factors patch by patch that change to just "revert."