Of course it can be and is done on occasion. I know of two flying in our club now in airplanes. It is a big pain in the behind fitting some sort of prop drive bushing that may involve some machineing and that's the reason you don't see it too often.

The cooling head is no problem to functionality simply because as noted by Jester but it is big and ugly, not likely to fit any cowlings.

Also as noted by Jester the generally aggressive port timing will require shorter but courser propellors than what we normally would use except perhaps pylon racers.

John