My first question of course is not 'How?' but 'Can It Be Done?'

For one thing GURPS lumps half of Exalted's stats into one attribute, which screws things up royally for both Lunars and Alchemicals, While Appearance is handled by a wholly different set of advantages with, I hate to say, rather too little graduation for the total 11 potential degrees of power that the eldest of Exalts can have. (And furthermore rather more than the total of 2 degrees of bellow average exalted does.)

This leaves me wondering, with 2 of the splats nixed, and one of them so very key, what would be required to make GURPS: Exalted feasible?

Anything can be converted, but would the gameplay fit the setting is the question.

I'm a huge fan of d20 and I've dabbled in GURPS and Whitewolf d10 games and converted some stuff to d20. It was actually pretty easy. However, the gameplay doesn't always fit what people are looking for. So the first question to ask, is:

Would a GURPS game be fun for the players in an EXALTED world?

Arkrim asked the right questions here. Yes, it could be done, but it probably wouldn't be worth the effort because i just can't see GURPS maintaining the 'feel' that the game goes for, and there are plenty of systems that do over-the-top wuxia superheroes better like Legends of the Wulin and many, many others. I don't think this is an impossible task, but you'd have to work hard to make it feel right.