I imagine that it will be completely possible, maybe just have to check a tutorial, or copy a code snippet. It's something you should research fully of course, because I think GPS calculation takes a toll on the battery, so it's best to see what everyone else does first. I wouldn't know as I have a Touch, so no GPS even if I did know how to use it exactly. I have had experience with other aspects, like the accelerometer, and that's really straightforward. If you are using Objective-C primarily, then it'll probably be easy, I prefer C++, so examples tend not to work for me, well not how I want them to anyway.
I really like using XCode, it's fiddly to get things set up regarding licenses etc, but after that it's quite straightforward. XCode is free, you get the rights to use it when you buy a mac - like you get a mac ID thing, register with that and download the iPhone SDK which comes with XCode included.