The simple answer to your question is no.
A section 7(1) MUST have been made (the actual pistol or revolver) before 1919. This is hard-coded into the Act and there are no powers to vary it. Additionally, it MUST be of a calibre for which ammunition is not "readily available in the UK". The latter is based on a list of calibres published by the Secrtratery of state and includes: .45ACP, 9mm Para, .38 S&W, .38 Spec., etc.
Simples! A Section 7(3) pistol or revolver does not have the hard-coded dateline of Section 7(1) and so it can be quite modern in some cases AS LONG AS it is of HISTORIC INTEREST. For example, a friend of mine has a SIG self-loading pistol of 1970s vintage on Section 7(3) because it was one of the trials pistols bought for British forces.
Historic interest justification for 7(3) can also be "as part of a collection", for example I am also allowed a High-Power because it is part of my Great War and Second World War collection of firearms and equipment. Another collector without my "theme" justification would not be allowed the SAME pistol on 7(3).