It's possible, I once fit an entire book in the epub format into it and displayed good enough, it even has a "hidden" save file, which is used to remember the language setting (pressing 1) this could be used to create chapters but is not very practical. In the screenshots you can see I used it to toggle between black or white background, this required two copies of the book, it takes about 70 blocks total.
The whole thing gets copied to memory, so books with a lot of images will probably hit the limit and crash. There's no widescreen support.
To get something like this going, you have to unpack the files using some kind of U8 unpacker, the one in showmiiwads is pretty fast. You may need to hex edit the file beforehand because it's all contained in a folder that uses an invalid character a '.' period.