Considering that one page of Gutenberg's Bible required 5,000 pieces of type, I'd say that it is feasible.
Most of the medial forms look identical to the initial forms, particularly in early printed documents of these sorts. Likewise, final forms and independent forms are identical, so most characters can be done with only two forms: independent/final and initial/medial. Ayn, Ghayn, and He-hoti require four different forms. Daal, Dhaal, Raa, Zaay, Taa, Zaa, and Waaw require only one each.
All together, I count about 58 independent forms needed (60 if you want Alif-Laam, and 61 if you want the li-Llahi ligature).