Yes its definitely possible, but requires a lot of mods and depends on what types of rims and tires you want to go for, here's a short list
there are chinese rims available in 18 inch with rear drum and front disk brake (not very expensive) same original tires currently installed on deluxe can be used with these rims,
and then if you go for some heavy bike rims and tires these would be in 17 inch both front and rear (Ziyada kharcha), both rims and tires will be used not new
then bushes and bearings and spacers would be changed (for both 17 and 18 inch rims)
rear brake setup would also be changed to disk and if you are lucky maybe you may get a hold of a rim with rear drum brake,
If switching to rear disk whole disk setup which includes the caliper, tawa, oil bottle, pipe, cylinder etc would be required most preferably of nissin from some heavy bike
Then proper fitting of the brake cylinder will have to be made (for rear disk only)
changes in rear brake hub and sprocket,
remove chain cover,
for a better look will have to raise the bike from behind
will have to check the speedometer gharari for the particular rim installed and speedometer cable availability for that gharari for proper working of speedometer
and rear brake pedal setting
and alingment, balancing and positioning of the rear tire and front tire for smooth running
and proper positioning of both front and rear brake calipers for noise free braking with an excellent response (sometimes difficult to achieve specially for front disk brake needs an expert mechanic other wide it will make noise)
and yes the front mudguard will also have to be changed with a custom made bracket for fitting
front and rear rims will have to be repainted as the old ones are not in good paint mostly
Here is link to the chinese 18 inch rims in deluxe (Click)
& here is the link to the original heavy bike 17 inch rims in deluxe (click)
Hope this helps
The cost of chinese rims with tires would be from 10K to 15K.
Cost of original heavy bike rims with tires would be around 25K to 30K.