If a high resolution reader could “recreate” the entire tape signal in memory, you could do the format specific parsing in software. You could even identify the tape type based on the signal patterns
I've heard of someone doing this by connecting an ADC directly off the heads of a VHS player, but I can't find it now. The bandwidth of such a system is only about 6MHz, putting it well within modern SDR capability.
Certainly this is how the "applesauce" reader works: https://applesaucefdc.com/