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Yes, it is possible to separate outfits. However, you will have to adjust the UV maps of your new CAS parts, as EA designates specific areas of the textures to each body/CAS part. If UV maps overlap areas they shouldn't, you get textures bleeding onto skin, for example, or shoe textures overlapping sleeves.
In some cases, you also have to add bits of arms and legs if, for example, you want to remove arm warmers from an outfit/bottom and the arm warmers aren't painted on but meshed.
With shoes, you would have to consider how they will morph when a sim wears pants (if they're tight on the leg, they will require either leggings or very loose pants). Not all pants can be tucked into boots — most of them are actually too loose or flared to be worn with boots unless the boots are short or loose.
So, uhh, to answer your question: it's more complicated than, say, converting an outfit to another age, and does require more meshing knowledge. If all I said above sounds alien to you, then you may want to spend some time with easier projects to familiarize yourself with meshing, before attempting a project with this degree of complexity.
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TS3 CAS Conversion Catalog - for basegame, EP, SP, and Store clothing!