I think so, but how much will it cost (CU/BE = $$$) and what's it worth???
I might also mention the fact that the JZ is an iron block which needs almost no attention at these same 700 HP level, and that many serious boosted LS engines are 4.9 and 5.3 iron blocks (giving up displacement, bore size, and port flow for solid base).
There appears to be no reliable way to determine in advance how much block rigidity (and ring seal) is lost with an alloy block. AFAIK all those 2,000 HP Supra engines use the original 1992 280 HP block...