Want to convert traditional IRA to ROTH, pay tax on ROTH then use it all in lump sum for investment.......is this do-able and what are the consequences and/or penalties?

This in not only do-able, it's quite common.

You will pay tax on the conversion amount.  Depending on how large your IRA is, and where you sit relative to the tax brackets, you may want to consider doing this over several tax years so you don't pay more tax than is necessary.

There are no penalties for doing a Roth conversion.

Here's what TurboTax says about Roth Conversions. 

https://ttlc.intuit.com/replies/3302189

It is too late to do this for 2016.
The good news is you will not pay tax on your conversion now until April 15, 2018.
But Estimated Tax payments may be in order.