Sure it's possible, but why would you want to? Would you want to risk detonation/engine damage? Would you want your ECU to pull a shitload of timing?
87 octane on 11:1 compression IS NOT fine. Try running 87 on a car that has no knock sensor and 11:1...it'll detonate like a motherfucker.
Anyone who buys an s2k and runs 87 should be tarred and featherd, and have a tattoo of DUMBASS put on their forhead.