Would MagicMac run on my Mac Classic? LOL! My ST can run Mac software (thanks, Spectre GCR!!), so why not???
I know the answers really, I was just being funny... It's a thought though, eh? The both have 8MHz 68K CPUs...
Gemulator 3.8 can do a convincing STFM on a 25MHz 486 DX (so much so that I turned a 486 laptop into a dedicated Atari portable)
Back to the question... I don't think it's possible (easily at least) to do TOS for real on MagicMac, because of how it works, it's a version of MagiC for MacOS, it emulates very little of the ST hardware. It's designed as an operating environment not an emulator, and of course, TOS requires Atari compatible hardware which isn't present for the most part in MagiCMac. Sadly.