> Is it possible?

Yes.

> Any suggestions / comments / questions are very welcome.

I would make the area behind the tree droppable, make the items in the
tree draggable.  Then just move them from one place to the other.

If you want to make them save every move, use an AJAX call once the
drop has occured - if not add a save button to save the changes once a
drop action has occured (as in show it, or enable it).

Hope that makes sense!

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