Is it possible? By mungo jerry! it’s darned possible. But you have to do it in a way that is completely and utterly natural feeling for the reader, or you’ll likely jar them like a pothole in a cobblestone street, tossing them right out the window of this literary ride.
The bigger question might be: Is it necessary? Most of the time, the answer is: Nope. Not necessary at all.
And I’m curious about what, exactly, you mean when you say that the set up is in past tense, and I’m curious for this reason: if the setup is the snowball rolling down a hill that starts and is stupendously important to the story, then you’re probably okay launching that way. But if that setup is backstory (thus it’s told in past tense), it’s probably better left for later. That is, backstory usually occurs in “chapter two,” chapter one having served to catch reader attention and hold it, chapter two serving to explain a little more who these people are and what’s going on. (And despite using “chapter two” terminology, this info doesn’t always occur there; point being that it simply occurs after the hook, and before we would otherwise get lost wondering who these people are and what’s going on.)