Yes, it is possible to graft stone fruit onto any other type of stone fruit tree. But some combinations will do better than others. Peach to cherry is probably going to have the worst compatibility.

Whenever you have a degree of incompatibility, it results in dwarfing, in some cases severe dwarfing with the scion barely clinging on to life.

When the manager of an orchard at Manson, Washington, told grafter Ken Coates that he was thinking of pulling out an Amber Jewel plum block to plant cherries, Coates told him he had a better plan.

Coates, who has been a commercial grafter for almost 30 years, had experience in California of using an interstem to graft plums over to cherries instead of pulling the trees, thereby avoiding the costs and lost time involved in replanting.

For the interstem, he uses the plum rootstock Adara, which is compatible with cherry. Adara (Prunus cerasifera) was developed in Spain and is sometimes used as a cherry rootstock in California.

The Adara rootstock would work equally well for converting peach or nectarine trees to cherries, although, curiously, it doesn’t work for converting other stone fruits to peaches, he said.

"Potentially, we could graft over a peach orchard to cherry as well, which is real exciting," he said.

This is not surprising; species that have a slower rate of growth often do not survive well long-term when grafted onto other species with a faster rate of growth. The base species overgrows the graft union.

http://www.goodfruit.com/goodbye-plum-hello-cherry/