It should be possible, as at least for Godot 3+ you just need to make Godot use your OpenGL context instead of making a new window with an OpenGL context. However, I do not think it will necessarily be straightforward or easy, simply because Godot (last I knew) was not really designed to be embedded into other applications. This may result in you needing to make substantial changes to core of Godot to get it working.
On the other hand, you may be able to work around many of these issues by making or modifying the Windows platform code to use MFC. I predict it would still be a quite a bit of work, but it may be a tad easier than trying to adapt Godot to be embed-friendly.