Yes, it's possible, but i've never understood the argument with Balrog wings! Do they work? Because i've always though they were like vestigial structures....that is if Balrog's evolve. I though they were small and couldn't carry the weight. And still, the Sil says
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and now swiftly they arose, and passing over Hithlum they came to asunder the webs of Ungoliant
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which indicates they might have flown, but you never can tell...