It's possible, yes.
Be sure to close BD3D2MK3D. Then, open BD3D2MK3D.cfg (in the program's directory) and edit the following line:
Code:
set ::config(javapath) {C:\Program Files (x86)\Java\jre1.8.0_171\bin\java.exe}
Paste your path to java.exe between the {}.
That should work.