Yes it is feasible to have a large number of parameters to a stored procedure. I have just written a stored procedure that inserts a single row into a table and takes 80 parameters.
With respect to good practice, when calling the stored procedure, supply the values by name rather than position, this will help debugging.
Although I know it is possible to use the data window update feature of PB to call a stored proc, I personally like to generate the SQL within the script and then execute the generated string. Again I find this simpler to debug.