It is possible but it really does boil down to the weaponry. Codes are useful yes but certain factions guns are good too. Though in this day-in-age were every trader and their grandmother has Cap Armor 8 and 10 bajillion turrets there is little to no chance unless there is more then 1 VHF. Even Bombers Struggle with some transports.
Though a clear note:
The best armor does not make up for a bad pilot. and Vice-Versa
VHF against an armoured transport is mostly useless ... "mostly" because its your luck if you manage to web an inexperienced new pilot ... Even 1 bomber is mostly of no use until you are quite good at it ...