A reddit thread brought up an apparently interesting question:
Tail recursive functions can trivially be converted into iterative functions. Other one
Basically yes, in essence what you end up having to do is replace method calls (which implicitly push state onto the stack) into explicit stack pushes to remember where the 'previous call' had gotten up to, and then execute the 'called method' instead.
I'd imagine that the combination of a loop, a stack and a state-machine could be used for all scenarios by basically simulating the method calls. Whether or not this is going to be 'better' (either faster, or more efficient in some sense) is not really possible to say in general.