Yes, it is easily doable.
Day 1: Hopefully, u will reach Muzaffarabad by morning. Better is to take route of Hazara Expressway-Garhi Habibullah-Muzaffarabad. Have some rest. If u have stamina, u can easily reach Arang kel on the same day. Otherwise, better is to stay anywhere between Muzaffarabad and Sharda.
Day 2: Reach Kel. Park ur car, and take ride on cable car followed by about 40 minutes hike till Arang Kel. Stay there in any suitable hotel.
Day 3: Arang Kel.
Day 4: by noon, start hiking down. Reach Kel, and drive back to Sharda or Karen (or any suitable spot) for stay.
Day 5: Drive back to Muzaffarabad and then Lahore.