lejam,
It seems that you're asking whether this concrete column could be replaced by a steel column or concrete wall to support 'whatever is above the cantilever'. (When you say 'beam', engineers will generally think you're talking about a horizontal member in bending.)
The answer is, of course, "maybe". If you are relying on a column or wall, introduced under this cantilever beam, to carry gravity load, then it must have an adequate foundation and be considered in relation to entire structural system.
A column or beam under the 'cantilever' may work with the system that is in place, but like others have suggested, it could have ramifications that aren't apparent without considering the system as a whole. The stiffness of a new wall will affect the distribution of lateral load. A lone column may resist an uplift force when the backspan of the cantilever beam is loaded, changing the moment envelope of the beam.
A cantilever isn't necessarily a bad thing, but if you have discovered an overstress in the design, this might be a spot to add capacity to the structure.