It is definitely possible to transition from male parts to female parts but retain a masculine identity. Mind, just having these two conditions by themselves does not determine your gender. There are "butch women" who transition from male to female but nevertheless socialize closer to a male stereotype. Less commonly, we have had biological men who wanted to swap out the equipment but still retain a male identity. Just as well, it would be possible to be gender non-binary, with a mixed, third, and/or fluid gender.
If you remove your male bits to make room for a vagina, then your body will not produce testosterone anywhere close to where it had before. If you are intending to keep the rest of your body masculine, you may need HRT (androgen) to keep your testosterone where it needs to be. I do not know what effects male hormones will have on the vagina.