Here it goes, Driveshaft Superstore sells a kit for doing just thing. So yes it is doable. However I think it is stupid.
Advantages of an SYE:
-shorter drivline(longer driveshaft)
-more bearing support of output shaft(=stronger)
-more travel available in a slip shaft vs a slip yoke
When you drill and tap the output shaft you eliminate 2 of those advantages. There is no bearing to support the shaft(Just the output seal), and your driveline is just as long. Save your money and get a real SYE kit. Or if you have a 208, a 241.
And yess, removing material from the output will certainly weaken it. A lot? not likely, you'll probably still break a case or chain before you bust the output shaft.