Its possible. I did all of that except for replace the actual door. Its currently an exterior door 9' wide x 7' tall. It will be an interior door someday in the future. And I need 8' height to drive my forklifts thru. This is in the endwall/gable end and not on the bearing side of the roof trusses.
The essence of the project was to strip off the vinyl siding (carefully) deckscrew 2x10 headers inside and out, all the way across plus 2 more studs each side of the opening. Use sawzall to cut nails and release existing header. Cut free stud tails higher, reset header with mild pressure from bottle jacks before fitting new jack studs. Build an open "box" of 2x4s and OSB to take up the extra space for now (must keep existing shop weathertight until new building is fully ready) which is held in place with 4 deck screws. Replace siding and refit trim.
Its not trivial. I dug out a ton of construction staples with a cats paw, and numbered the back of each piece of siding so it could go back in the same location. All in all that was more or less 3 solid days of work, including replacing one rotted sheet of OSB due to the upper J-channel being mis-fitted at the top of the garage door. Also redid the header with a solid sheet of plywood between the 2x12s over the full length. Previously it had short pieces of plywood acting as spacers every 2 feet or so. The change made it much more rigid along the large flat-side.
I'd recommend 3 sheets of 1/2 to 3/4 plywood on hand to close up the gaping opening after you work, to deal with weather and not have people wandering in and out thru a huge opening. You can screw them to the open sheathing or an internal brace at the end of each work session.
You'd have to refit the trim, deal with any housewrap issues, and install the new door and tracks. Ideally all of that would be waiting in the wings for the framing work to be done.