Ya it can be replaced and it will be more efficient and will consume les wattage.
Also the losses will be reduced as you will not have windings on rotor.But you have to go for intelligence in controlling the bldc motor i mean inverter based control.
Also some problems related to EMI/EMC may occur due to switching of the devices used for controlling the motor.
Otherwise ppl. have done work and replaced successfully IM with bldc motor