Is it possible, how hard would it be and what would be the necessary prerequisites to converting a 3800 from a wet sump to dry sump oil circulation system.

It'* definitely possible but difficult and expensive.
You would need a reservoir for the oil, another pump, a way to tap into the current oil system, a way to bypass the stock pump in the timing cover, and possibly some modification to the pcv system. (probably more stuff as I haven't looked at dry sump setups in a while)
pm turbocharged400sbc. He was looking to convert his ev6 block to drysump.
Some advantages are, no oil in the pan for the crank to wind through, and negative pressure in the crankcase (almost as much as a vac pump) which helps with ring sealing and downward piston travel.