Quick answer, no. At least not a practical way. just use the whole thing as is if it hasn't gotten rained on to the point of ruination--there's nothing wrong with MDF as a cabinetry material as long as you understand its limitations, the most important of which being KEEP IT DRY.
Based on recent experience and my recent post I can't imagine getting anything off of a piece of veneered MDF. On the sample I saw at the lumberyard yesterday the veneer was so thin you could practically rub it off. Can't believe you could salvage it. Just use it as is as though it was a piece of veneer plywood.
I cut thin veneers off plywood and mdf to have a matching veneer on the edge of the sheets. All you have to do is make a sawblade dado at the width you need the strip- up to a couple of inches high, then cut the plywood on edge (vertically) on the table saw to release the veneer. You have to hold the sheet very solidly very close to the blade and after the blade, and have both a zero clearance insert and an outfeed table.
The guy demonstrating the Grip-tite magnetic featherbord at the woodworking shows has done it for 10 years in his demo. I saw a picture of Frank Klausz doing the same cut with a Grip-Tite on the edge of a 5' x 3' tabletop in American Woodworker back in 1994. THe used one old wood one. Here is a video of the cut at the Seattle Woodworking show.
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