You can certainly convert it... The trick is whether you want to convert it to run on less oil as well. You can just buy an ignition from, for example www.ch-ignitions.com and run it on a mix of gasoline and 12% oil. If you want to lower it's oil requirment as well, that takes more work. You have to change the rod bearing from a bushing to a roller bearing. For this, search info from Ken Lambert. Here's his website: http://lambertsrc.homestead.com/

Good luck,
AV8TOR