As Ron indicates, with modern technology, it'd be a whole lot easier, in all kinds of ways.

I don't think we should get hung up on the term "Radio Ballad" - broadcast radio is just one way of circulating a "programme". Even for the historic Radio Ballads, the actual broadcasts were just the first opportunity people had to hear them. They still exist on CD, and whoever wants can get hold of them.

It'd be interesting to hear people's ideas for "Radio Ballads" that could be made today, where there are people with stories they could tell, and ways of telling those stories in songs alongside. One might be the story of the West Indian immigration to Britain. The situation of people with disabilities might be another. Issues round the countryside and bloodsports...that could be a hairy one.