It is absolutely doable. I am on it on PS3 with the latest patch.
I already platinumed the NA version so I am following the same strategy I did in the past:
-When aiming for the "Elite Player" trophy, pick any (or your favorite) fully upgraded character and start on "Izzy" difficulty.
-As your character is fully upgraded, invest your resources on lives. Complete the game.
-Every New+ that you start will carry on your lives and upgrades.
-Start a New+ which will put you in Normal difficulty, invest all your resources in lives. Complete the game (you can get "Just Normal..." trophy here).
-Start a New+ which will put you in Hard difficulty, invest all your resources in lives. Complete the game (you can get "Not so hard..." trophy here).
-Start a New+ which will be your final playthrough. By this time you should have 99 lives. You will die a lot, A LOT, but keep purchasing lives as you will have a ton of resources.
If you are confident, you can pick any non upgraded character and start on Izzy difficulty, by the 2/3 stage on the New+ (Normal difficulty) you will be fully upgraded and can start purchasing lives for your Elite playthrough.