As an academic project, quite feasible. Beyond that, one has to get past the oil cartel. Look at the uphill battle alternative fuels have had. Completely not feasible with gasoline at $2-2.50/gallon. Raise gas prices to $4/gal and ethanol and biodiesel make a whole lot of sense (Oh, wait. That hapened, didn't it?!). Once the cartel realized that there was a lot of renewed interest and funding for alternative fuels, gas prices quickly dropped back to the under $2.50/gal mark. Its all about control. There was absolutely no reason for gas to go from $2 to $4 back to $2 again, other than they proved they could... And we all kept buying, it hurt like heck, but we did it.
That said, all my vehicles have V8's. They get 18-22 mpg, though.
Scott
