I did.
It is not as easy as it looks if you want to really do it right, but at the same time it is not difficult.
You do have to unscrew the two obvious screws on each side.
Once open, you need to take off the little three sided boxes (joined with three screws) and switch them.
Swap the shoulder pieces so you can put them with the screws facing backwards. Screw them in.
You will notice that some of the plastic from the three sided box gets in the way, either causing you to have a gap in the shoulder joint or it interferes with the range of movement of each arm. You need to cut a sliver off with an exacto knife or clippers (see underarm photo). The plastic is quite soft, so be careful.
Once switched, the screws will not be facing forward in bot mode, but in alt mode you will see them. Such is the trade off.
Alternatively, if you found a matching paint you could just touch-up the screws and forego the switch.
Since I will have my Grimlock in bot mode most the time, I decided to switch. Enjoy the snapshots.