Oh yeah, tons of people are doing this. Turns out when a rotary goes, people aren't willing to sacrifice the multiple limbs necessary to get it rebuilt/replaced.
I am doing this in an 81, with a 400CI Ford... I think the 5.0/early eighties first gens are the easiest, you just turn the engine/suspension crossmember around 180 degrees, and bolt up the stock Ford mounts. The tranny requires a custom fabbed crossmember, but grannys sells em for about $300.
Budget $2000 for parts if you do it yourself, including engine, new 4 core aluminum rad, and new crossmember.
These guys will show you everything you need to know...
http://members.tripod.com/~grannys/