Yes, although I'm sure you already know that Action Replays don't exactly work with Gameboy games. You would need a Game Shark or something similar and input a warp code to the island. From my understanding, it is much much harder to set off the event flags to get to Faraway Island rather than just inputting a warp code to get to Faraway Island. You can google and find plenty of them on sites like supercheats, but I do not have a Game Shark so I can't vouch that their codes will work.
Below, I'm just talking about glitches. Stop reading here if you don't care.
There are people still currently trying to manipulate the Pomeg Glitch to start the Faraway Island glitch I think. You can glitch the game to get the item required in the event; the main problem is getting the game to register the event should be happening.
Please note that manipulating event tickets does not unlock access to their respective island...
...which includes Mew's Faraway Island.
From ChickasaurusGL's video.