In general this would be entirely impractial for any but digital cameras, due to the complexity of registration issues.

An adaptation of this approach may be fruitful but be aware that the differences between lenses are rather non-linear.

If a cheap lens could be convolved into a good one in a general way there would be a huge incentive for it at the low end, e.g. camera phones. Less so at the highest end, where lenses are appreciated for their specific characteristics.