That’s possible, if MB has the exact same recording for both the later releases and the original 1955 release. If that’s the case the variable %_recording_firstreleasedate% can be used for setting the date.
Take note, @Wanderer189, due to the way MB defines a “recording,” the above method will only work if the track is considered the “same recording” throughout each release you possess. If you’re trying to tag the same song, but the 1970 compilation version is a shortened edit from the original 1955 track or whatever, Picard will not be able to grab the 1955 date, as the definition considers the two mostly unrelated. I have attempted to make some headway on efficiently resolving this inconsistency in this thread, considering this same topic appears at least once a week here or on other music collection forums, and you’re welcome to voice your support there.
If you know a recording is the same as the oldest, just put in a merge. If the oldest release with a recording isn’t on MB, than create it with that recording and then you’ll have the oldest date of that recording. I do this all the time. I’ll add the digital release of a 50s/60s release and then go to Discogs and add the vinyl of it, so that the date will show up on the recording as being asked.