not impossible at all... the dicey part MAY be getting your registration back perfectly without a z-bar or experience.
that being said...
I purchased the Javelin we were printing on until about a month at scrap price, and rebuilt the press pretty much from the ground up. The critical part is the PLC as well as the Central Shaft/Bearings...
If you can, only remove the arms that don't have registration forks on them... (or maybe you'll be lucky and the registration forks will be bolted to the center of the machine, and then you don't have to do anything with registration).