Well, whatever you decide on, better do NOT upgrade to OC v.4.x, but use the latest OC v.3.x Code. OC v.4.x is still in it's late Developer Stage, and not yet ready to be used in a Production environment. Below is the link to the latest OC v.3.x Version. Good Luck! 
https://github.com/opencart/opencart/tr ... nce/upload
https://github.com/opencart/opencart/tr ... nce/upload
My Github OC Site: https://github.com/IP-CAM
5'600 + FREE OC Extensions, on the World's largest private Github OC Repository Archive Site.
It is possible, but is often not a simple process depending on how complex your store is. If can often be better to export your data and then import into a later version. There should be a few posts on these forums about upgrading.
It is quite possible and I did 1.5.4 to 3.x in one hit but it was quite a lot of work, so I would probably go with the whole importing data way of doing it rather than trying to upgrade.
A couple of things to consider are a new template/theme is required and any extensions you have (are updated versions available). Don't use 4.x but the 3.x version mentioned above.
A couple of things to consider are a new template/theme is required and any extensions you have (are updated versions available). Don't use 4.x but the 3.x version mentioned above.
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