Of course it's possible. The change won't necessarily be difficult if you've got a good understanding of how each content type is being used. You'll just need to be careful as it's a fundamental change.
If you think that the two different content types are not warranted and it is, in fact duplication of information then you could justify merging the two. Good house keeping!
You could phase out the unwanted content type over time and then when you're confident you've got it just right, build your self a merge module to move the old nodes into the new format. You could also build yourself test views and content types that you can dispose of later.
It may also help to install the devel module to get a programmatic overview of what your nodes look like. You shouldn't leave this module running on live sites as it effects performance.
Sometimes, there's a fair amount of crossover between content taxonomy and content types. It helps to ask yourself: What is a classification of an object and what's an attribute?