very possible, and very doable! The 4.8l is often overlooked for its 5.3l big brother, but it will soak up all of the go fast goodies, and can often benefit from some of the parts the 5.3l guys are getting rid of. It has more than enough grunt to motivate the YJ.
Your weak link will be the BA-10 transmission, swap that for an AX15 and the rest of your drivetrain should be plenty up to the task of living under the 4.8l
I love these guys, they outline everything you will need, and what hurdles you will run into --> Chevrolet & GM Engine Conversions in the Jeep YJ Wrangler
Read through that link a dozen times or so, and see if you feel like you are upto the task and financial expenditure.