Faux leather is a lot easier to work with than real leather. If you're wanting it taken in and not let out, it shouldn't be a problem for an experienced alterations person. It won't be cheap, mainly because it's a jacket and there's a lot of construction. It also depends on whether it's going to involve the armhole or hem and if there's any additional seams.
I would take it to your alterations lady - she's the expert and would know if she can do it or not and give you a quote.