yes, its POSSIBLE. The temptation to push the power up will definitely have to be resisted, as you can blow off the tailplanes. But 1/4 throttle hover may be possible with that engine.
The U-Can-Do .46 is a bit large for the engine recommendations... and that can fool you. It is also VERY lightly built. Its airframe is lighter than that of some .25 power trainers.
Might stick that engine on a U-Can-Do 60... THAT would be a great matchup.
http://www2.towerhobbies.com/cgi-bin...&I=LXBMZ6&P=ML