It's definitely possible. The
wiki guide here might be a good place to start for basics, though its current state is a bit out of sorts -- I'm working on some fixes to improve presentation and correct some issues.
So far, the densest farm I've worked out (in 1.3) uses 8x5 wells of mud with a single ore seed in the middle of the well, with each well spaced horizontally 37 tiles apart. You could also adapt this vertically along a hellevator for convenience, but you might need to rotate the wells 90 degrees to keep them from deadlocking and not reaching peak capacity, or space them a bit further apart. Keep in mind that depending on your needs, a super efficient farm isn't always necessary -- a small scale farm in a convenient place that you harvest more frequently can be useful if you don't always need huge amounts of ore, and you don't have to wait for the farm to be completely transformed to mine ore (just remember to leave at least one ore behind when you're refilling the mud).
For the most efficient farming, only build in the cavern layer. Chlorophyte only spreads in the lower half of the underground, and much more sparsely.
For a bit more how-and-why of it (long and possibly boring), you can read my comments
here. If you happen across anyone mentioning the number 92 in their advice, it's nonsense that was added to the wiki, and I since debunked and removed it.
Start with the guide, and feel free to ask any specific questions for things you're wondering about.