Technically, yes, it's possible and you don't even need a TV Tuner card. All you need is a video card that has an output that is accepted by your VHS recorder. If your VHS recorder as an S-Video input, something as simple as this Jaton 3DForce FX5200TV
would work easily.
Connect to graphic card output to the VHS recorder input. Cue the MPEG you wish to record to VHS. Press record on the VHS recorder. Press Play on the computer. Should work like a charm.