Definitely possible, it’s ideal if you’re not transcoding anything in Plex though. You should also look into klipper with fluidd or mainsail, klipper is (imo) so much better than marlin and fluidd/mainsail are even lighter-weight than octoprint!
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I would say, more than likely no. That being said, just try it and see. More than likely it'll become apparent what is and isn't usable (I'd guess the octoprint interface would become unbearable to navigate if you're watching something at the same time).
You might also run into hangups on octoprint's end, potentially halting prints, though I feel like that should be avoidable (I know I've had prints halt when my pi was undervolted)
Gonna go against the grain here and say no.
Octoprint needs to stream commands in real time to your printer, I'm sure I've read somewhere that putting too much load on the pi results in print quality problems.
There's also the reliability factor, I have a decently specced home server (Ryzen 7600, 32GB RAM) and I don't run octoprint on it, because I don't want stuff I'm doing on my home server to interrupt and kill my 36 hour print lol
Also, Pi kinda sucks as a media server, how you gonna connect storage to it, USB drives? If so that'll burn even more CPU time.