My initial guess is no, it would still be of type "XML", and there is no "eval" in Actionscript 3. I did a quick search and am going to have to say no, this is not possible.
I have however, done something similar in an app I created.
What I did was store in a database the object type, and some properties (x,y,width,height, etc). This data is returned from a remote object call and these objects are then created at runtime, which can get a similar effect you are trying to achieve.
For example:
var resultAC:ArrayCollection = event.result as ArrayCollection;
var tmpCanvas:Canvas;
for(var i:int = 0; i < resultAC.length; i++)
{
if(resultAC.getItemAt(i).type == "Canvas")
{
tmpCanvas = new Canvas();
tmpCanvas.x = resultAC.getItemAt(i).x;
tmpCanvas.y = resultAC.getItemAt(i).y;
...
parent.addChild(tmpCanvas);
}
}