I know I've read a thread about this before, but could not find it. Can anybody tell me if this is possible/desirable?

Or vise versa?

Money's tight, got a daughter going to college in the fall, every little bit helps. My 440ML stylus is toast.

Yes it does work fine and "vise versa" too. The body of the 120e is not quite as good as the 440MLa as there is extra sheilding between the coils on the 440MLa but it will fit and sound great.