This is possible.
But the question is why do you like to do that? Do you like to complete change your modelling platform to Simulink to do model based design? Then I'd suggest to see whether you have all necessary products in place and only then see whether remodelling in Simulink (Signal Processing / Video and Image processing blocksets) is better or putting the code into an Embedded MATLAB function.
If you just like to do this to create C Code as a one-off, then you probably are fine with the EMLC command.