Is it possible to do this with Ambisonics?

@JACKnight
I have a couple of thoughts on the approach I would take, and congratulation on your 25th album!!

1 - Knowing that most music is consumed on streaming services, start with that end in mind. Do your first mix with a Dolby Atmos 7.1.4, which should nicely fold-up/re-render to all surround formats and binaural (ambisonics). I personally have not had good success at downmixing directly from Atmos to stereo, I would then do a specific mix to stereo. Some folks do it the other way around, I find it easier to start big and work my down to the very crowded, uninteresting stereo space.
2 - Ambisonic mic’s are great for immersive worlds like VR and other things that make use of head-tracking metadata. (gaming mainly). If your primary audience is not that, I would suggest taking the same approach to the way high quality VST instruments handle mic up/positioning - Arrange the instruments situ (where the instruments are on stage), and do a close/multiple/overhead mic up. And then mix that up in to your Dolby Atmos session.

Here’s an overview of my workflow through Windows based Nuendo, which is designed to ensure as high of a predictable outcome as possible: