Yes, it is possible, i have found these guides:

1. From 1.50 to 3.52 M33

2. To 3.52 M33-4

3. From 3.52m33-4 to 4.01 M33-2 and kernel 1.50 (english)

I'm moving from 1.5 to 3.52 M33 at the moment, i'll let you know how it happened ^_-
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