Yup. I actually put an Ohlins on mine but we've modified a few using motor oil. We used 20w50 on an 05 GSXR1000 for racing as a quick fix and it worked well for that application. I'd suggest trying 5w30 for street. Get a turkey injection needle and use that to insert the new oil.
Some buddies of mine call it the Stalemate mod #1.
Yep! I replaced mine with 5w30 and it made a big difference. Go down to your local drug store and pick up syringe. This is a must to push the oil in the damper. Carful with the pressure, I would recomend wearing safety glasses.