I agree the light is way oversized and could have been a discrete LED somewhere. The existing wiring is somewhat useless. 5A power and a reduced voltage feed to the control module. You can't remove the light or short the leads without causing the control module to malfunction. There are fraudsters keen to do that for nefarious purposes. Obviously, the power to the existing lighter wouldn't be very far away. There should be enough room underneath, so I think it's otherwise doable.
But if I were to install a power outlet, I certainly would not want my adapters sticking up in a prominent location on my centre console. I would rather find a more discrete location, dependent on the intended use.
Edit: Oops! The above light function applies to facelift cars. Pre facelift have a more conventional switched power and ground configuration. I suspect you would still have problems if you removed the light or shorted the leads. The ground wire is probably too small to use as a power outlet ground.