Yes its can be, but make sure the replacement sleeve should be in accordance to the sleeve which can bear the heat to 2-stroke engine -- keep in mind 2-stroke engines make twice the heat to 4-stroke engines so the new sleeve should have the power to hold it.
always around...... lil busy in work cause its 9/11
and all plans for today are with plan - c 
@Crazy: Yes not much difference with the engine fitting @Vodoo (Fazeel) is the person for guide line for this, cause he replace 115 engine with 135Z 6-speed. ---- for any RX suggestion ME and others are always available.... for all we can do 
maray to bas ki bat nahi hai 3 say 4 gear say uper nai gaya an logo k dil hain jin logo na rx 115 ma top speed ki hai
You are correct the ppl/members who are using these bikes from the time they were lunched they are the only one to pull the horns out
examples:
-@RX115 (Faheem)
-@Vodoo (Fazeel)
-@vamsi350 (Vamsi)
-@massterr135
-@rx115 (Farhan)
-@GTO110 (Shaneem) His Dad is a RX Lover and a Top Line Rider of His time. riding RX's brand new --- I have met Uncle personally with lovely talks
-@BilalZubairy (Bilal) --- He still have an original RX115 in RED of His DAD and the Bike ROCKS....
@NewBees like ME owned it many years back.... and many others are round.... the new bees like YOU and me can only talk about speed on DADs Money
......