Yes, it is possible. I did it this weekend....
If you get the engine low enough the hood will close. There is not enough clearance for the use of rubber motor mounts (engine movement will cause it to hit the hood) but for our solid mounted solution, it just might work.
1/8" clearance between oil pan and crossmember, modify the intake manifold runners slightly, remove the supports under the center of the hood, and it will close...
Just thought I'd share. Some pictures and a longer writeup are on our site...
http://www.godspeed-racing.com