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Yes you can, depending on the gun. Also it can be a brand new semi-auto, no requirement for it to be pre 86.
The key is which part makes it full auto, or which part the BATFE considers to be the machinegun.
For example, on an AR15 the BATFE considers the Lightning Link to be the machinegun, so you can buy a brand new AR15 and buy a Lightning Link that was registered with BATFE prior to May '86 and legally install the part to make your AR full auto, all perfectly legal. Same thing with a DIAS - as long as it was registered prior to May '86 you can drop it into a brand new semi auto host unless it has been married.
All this assumes you buy a registered part, pay the tax and receive your tax stamp before installing anything.
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