Currently, yes, you can be Chancellor.
I'll try to expand on some tips in the STATS so players have more insight into the consequences of decisions (although historical knowledge, intuition, and a close reading f the text will give some indication).
*if ((nobility > 55) and (king >50)) and (commons > 55)
Path: You must be a man. One of the best early choices is poets > patronize a poet. It is one of the few choices where you boost the opinion of commoners and the nobility. Tutor to boost King - > Defend Buckingham (boost nobility) -> Conduct Survey the British Isles (recommend expropriate from the Church -> go to a Protestant church. I think these choices will get you close to the criteria.
I might re-work that. Right now, +% Commons coincides with Protestantism a lot. Which is weird if I want you to face the same problems Thomas More did.
There must be other ways. Generally, its a a fairly narrow path to becoming Lord Chancellor at the point where it is written so far. But note, Thomas more becomes Lord Chancellor if you don't interfere. And SPOILERS, he doesn't last long (unless you save him). So you'll get another shot.
Also, I'm seriously thinking of punishing people who succeed early. So if you are the Second Queen, or the Lord Chancellor succeeding Cardinal Wolsey, you'll have an extra tricky time in the upcoming events just like Anne Boleyn and Thomas More historical. Plenty of opportunity to get the _Martyr and Witch Achievements.