Anything is possible if you have enough time and money!
That being said, I think you should be able to do it. I am interested to hear others (the more educated) responses, as this is something I have always considered on my 300E (I would love traction control!).
Good Luck and keep us posted!
-Matt-

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Currently:
1972 350SL Euro 4spd
1973 BMW R75/5
1981 BMW R80GS
1995 FZJ80 with OM606 Conversion In Progress