Yup, keep in mind of course you can have multiple repeaters on a page, so you could have 1 repeater that only selects the most recent blog, and shows the full blog content, and another repeater below it that shows all the rest with only a "preview" of the blog article
Keep in mind if you want exclude the most recent one from your archive listing below, you will need to use the WHERE condition to exclude it (such as WHERE:
BlogPostID <> (Select top 1 BlogPostID from CONTENT_BlogPost order by BlogPostDate desc)), but this wouldn't take into account the PUBLISH setting, in which case it may be better to, in the transformation, just hide the first (which will be the most recent blog post):
<div class="<%# If(IsFirst(), "hidden", "") %>">...TheBlogSummaryHere...</div>
If you want to make a single url redirect to the actual blog page itself, then you would need to (on that url) use the Random Redirect web part, and use a macro for the value to get the Node Alias Path of the most recent blog article, so the user visiting the url gets redirected to the most recent blog post. A bit more advanced though.