Of course it is possible to upgrade with no downtime!
However it is always recommended to schedule the upgrade in a maintenance window to minimize the impact in case of any issues.
You can normally find the documented procedure here for the upgrade:
http://cco/en/US/docs/app_ntwk_services/data_center_app_services/ace_appliances/vA3_1_0/configuration/admin/guide/upgrade.html#wp1012243
I find in fact the best would be the following:
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1. Upgrade the stand by module first.
2. Once reloaded, switchover to the standby and verify all services working correctly.
3.Upgrade the new stand by module.
4. Eventually switch over again to restore the active box as per the original configuration.
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By doing this, if for some reason the first switchover at point 2. would not work, you can switch back to a safe scenario which you are sure to work.
Cheers,
Domenico.