I believe that's how the Clojurescript compiler currently works (though I haven't looked at the code in detail). Compilers that don't do it that way usually have optimizations going on in between the parse and codegen phases, not because it's impossible to do with Lisp syntax.
The problem is not with Lisp syntax. The problem is with Lisp's semantics, which makes it much more difficult (if at all possible) to compile in one pass. Things like closures, conditions or macros are absent in Pascal.
