Absolutely this is possible, but you will have to remember to use two manual NAT rules, one for the inbound traffic and one for the outbound.
Something like this:
Original Packet
Source: OriginalSourceObject
Destination: OriginalDestinationObject
Service: Any
Translated Packet
Source: TranslatedSourceObject
Destination: TranslatedDestinationObject
Servce: Any
----
Original Packet
Source: TranslatedSourceObject
Destination: TranslatedDestinationObject
Service: Any
Translated Packet
Source: OriginalSourceObject
Destination: OriginalDestinationObject
Servce: Any
----
Dont forget to Check your Firewall Policies Global Properties -> NAT settings to see if you need to add a route or an ARP.