In theory, yes. Doing it on a real kernel driver without access to source code will be difficult.
If you had high quality dis-assembly of the object file, and the code in the object file is "well behaved" (using standard calling conventions, no self modifying code) then you could automatically translate the X86 instructions into arm instructions. However, you probably don't have high quality dis-assembly. In particular, there can be portions of the object file that you will not be able to properly classify as code or data doing normal recursive descent dis-assembly. If you misinterpret data as code, it will be translated to ARM code, rather than copied as is, and so will have the wrong values. That will likely cause the code to not work correctly.
Even if you get lucky, and can properly classify all of the addresses in the object file, there are several issues that will trip you up:
The calling conventions on X86 are different than the calling conventions on ARM. This means you will have to identify patterns related to X86 calling conventions and change them to use ARM calling conventions. This is a non trivial rewrite.
The hardware interface on ARM is different than on X86. You will have to understand how the driver works in order to translate the code. That would require either a substantial X86 hardware comparability layer, or reverse engineering of how the driver works. If you can reverse engineer the driver, then you don't need to translate it. You could just write an arm version.
The internal kernel APIS are different between ARM and X86. You will have to understand those difference and how to translate between them. That's likely non trivial.
The Linux Kernel uses an "alternatives" mechanism, which will rewrite machine code dynamically when code is first loaded into the kernel. For example, on uni-processor machines, locks are often replaced with no-ops to improve perf. Instructions like "popcnt" are replaced with function calls on machines that don't support it, etc. It's use in the Kernel is extremely common. This means there's a good chance the code in the object is file is not "well behaved", according to the definition given above. You would have to either verify that the object file doesn't use that mechanism, or find a way to translate uses of it.
X86 uses a different memory model than ARM does. To "safely" translate X86 code to ARM (without introducing race conditions) you would have to introduce memory fences after every memory access. That would result in REALLY BAD performance on an ARM chip. Figuring out when you need to introduce memory fences (without doing it everywhere) is an EXTREMELY hard problem. The most successful attempts at that sort of analysis require custom type systems, which you won't have in the object file.
Your best bet (quickest route to success) would be to try and reverse engineer what the object file in question does, and then just replace it.