C-16 -- Yes
Do able -- Yes
Liviable -- I'd be guessing if if i said yes or no and i think anyone else would also.
The 5140 Cast stl. crank pretty much compares to a stock steel crank and it's definately stronger than a cast iron crank, even the mallable iron that was in the 400" mtrs.
I would say it's your call, i don't know anyone doing it, but with the right clearances it might live forever. People are pouring nitrous to the small blk. ford motors and they only have a cast crank.
Your call
JMO
Zip.