Yes it is possible.
When you configure the FXS ports in the DIAL PLAN, and USER TERM, select the MODULE, and then select the fist PORT.
Configure the IN#ACCEPT that will ring this "hunt group". Then under the IFCE CONFIG, set the "Number of Ports" to be "8" (move your cursor to the "1", hit <ENTER> and then type in "8").
This will set the 8 ports into a linear hunt. Under the "Port Selection" you can change this from "Normal" (linear hunt) to "Circular" (circular hunt) if you choose. With a PRI "Aligned" should not be used.
The other options, such as "Forward Disconnect", "Caller ID number" (this is for outbound calls), etc. can be configured to your preference.
Hope this answers your question,
Thank you Patrick. Followed your instructions and was able to make the hunt group work on my Atlas 550. Much appreciated.