Routing Bluetooth audio in and out of headphone/mic jack on iPhone

I would like to be able to route the audio from a Bluetooth headset out of the headphone/mic jack on an iPhone. That is, to be able to send the mic input from the Bluetooth device out the jack and receive audio input from the same jack and route to the Bluetooth headphone.

Basically, the iPhone would receive the Bluetooth output, convert to analog and send it to the jack while simultaneously receiving input from the jack and converting to output for Bluetooth.

Is this physically possible on the iPhone hardware?

No.

Though you could conceivably write an app that would do this, there is no way to configure this given a stock iPhone.