Yes, it's been done many times. Dig around on cardomain and whatnot.
like this guy:
http://www.cardomain.com/ride/459708(edit: You know, that looks like the hood is unchanged. Hmmm. I may have my wires crossed somewhere. The XL-7's hood was definitely different than my Tracker's, though.)
I'd seen another who kept it more stock-looking, too.
Yes, all the core stuff is the same, as they were made on the same assembly line. I've considered it many times myself as the design is a little cleaner, but of course I'd be transplanting the bowtie onto the Vitara grill (as I did the wheels). At this point I'm just going to wait until I someone smashes my front end or hail dimples the hood.