One thing I've learned from the industry is that creative staff should not ask "Is X possible?" because the answer is almost always "Yes".
They need to ask "How long will it take to implement X (assuming Y use-case) and what effects will this have on other features?" and then take that answer, consult with the producer and see if the a time schedule is possible.
Well, said. So for an individual or small team, how do you figure out how long it takes to implement a feature? The question becomes more of what's possible on your own time scale or budget, rather than what's possible in general.
Of course there's the joke site, http://yourgameideaistoobig.com/ , but it doesn't have much practical use. I've heard anecdotes about estimating how long a game will take you, then doubling it, or adding a few months. But when you don't have a producer or technical director on your team to consult, what would you look for to get a better estimate?
As far as I can tell, it seems to be something that comes with experience, so you may be better off starting small and working your way towards larger games.