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Only if you can do all the work yourself though mate, theres still going to be a fair amount of fabrication involved amongst all the little silly things you find on your way.
Not to mention the fact that a 172 engine would be pish running 4x4. You'd be better off dropping something already boosted in their with plenty of potential.
In for a penny....
Go in hot hard on the brakes to get weight over the front, power through to apex & lift off mid corner which will get the back out like a hero (or if you have no minerals you'll end up binning it).
At low speeds, wrong line & upsetting the balance of the car will also cause it.