If you have the skills and knowledge to do this, then I couldn't see a reason why not if you were so inclined. The original wiring has stood the test of time pretty well generally, so it all comes down to personal choice. I have completely rewired my 101 and half rewired my RRC - which I did to de-lucas it, but the 101 I did for more than one reason - easy removal of the dash was one of these reasons. A 101 dash is a nightmare to remove as the 2 mechanical temp gauges need to be removed from the engine and oil cooler and carefully fed back through while removing the dash - or else try and get in behind the gauges and unscrew them, but I never managed to get them far enough forward to do that, so I undid them - I can get mine out now in around 5 minutes if needed - it's all plug and play.
A lot less complicated than the Perentie wiring, but the concept is similar. If you haven't done this sort of thing before, when you think you know how long it will take - triple that, and you'll be close. There are countless hours involved to do this properly and more importantly - reliably, so you don't have issues later on.
All the best,
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