I just so happened to be mildly bored again tonight, and looking through the player code in order to better realistically represent the Ostfront. Namely, making Aryan SUPER SOLDIERS (as I call them).
But, that's irrelevant. To answer your question: Yes, there's POV data in the Pawns or some such that would let you move where you "see" from. My understanding is that your POV is just a camera mounted inside of a model.. I think. So yes, I think it's doable.
As for the bullet spawn, that's not a problem at all. Each weapon has some little variables that tell the projectile where to spawn in relation to the weapon. Example: ona kar 98 it spawns +25 on the x axis from where the weapon is.. which I suspect means "in front of the gun".
So, to partially answer your questions: Yes, I think both are possible. I'd goof with it myself, but it sounds like it'd require.. ya know.. time/effort/testing to make sure the POV is in the correct location/bullets are. Not difficult, just a lot of time... Plus, I dunno how to make a mutator. Heh.