I really do think so. I wish I could speak from experience with this engine directly but I can speak from experience with boosting other engines for the entire time I've been driving.
I just scored a TRD SC for my 4runner for $700. The eaton m90 can be found pretty easily if you know which models the 4.7 came in. You don't want to use the TRD computer anyway so it doesn't matter one bit which kit you acquire.
You'll need the URD computer that's on sale right now for $500 and if you can get a 4runner pully and belt (like I did) with the kit you find then you should be ready. Oh and the injectors should be in the thing.
I had magnuson products inspect the supercharger I found just to be safe.
My plan to keep it safe is to run a water/meth injection system to cool intake temps since you can't intercool a roots type supercharger. you have two things working against you when supercharging the 4.7. It's obviously not built for it, in that the static compression is quite high. The other thing is that it's virtually impossible to intercool a roots type blower.
To solve the latter you can buy a system from snowperformance that will spray a 50/50 mix of water and methanol into the intake charge to cool it down. The meth even acts as a higher octane fuel. Some say as high as 120octane and it's cheap. Most good windshield washer fluid will work fine.
To fix the other one, the high static compression, you need to retard timing. This can only be accomplished with a tunable computer, like the one available at URD. It's a simple 8 wire install and is sold as an upgrade to the tundra TRD supercharger computer for the 4.7.
You should monitor Exhaust gas temperature, air/fuel ratio (wide band) and fuel pressure.
If you wanted to open the motor, reduce the static compression to about 8.5 or 9:1, beef up the rods and run 12 or 14psi you could easily produce 450+hp from this engine all day.
I'll be back in a few months when I can back it all up with before and after dyno sheets.