Yes, the gun can be converted to DA/SA. You need a DA hammer assembly. Ruger will replace your hammer for you, but as Rexter pointed out, shipping will cost more than the fix.
That said, SP101s are not hard to work on. Iowegan over at RugerForum.com has a great manual available (often called the IBOK = "Iowegan's Book of Knowledge") for Ruger DA revolvers, and if you're any good at all with your hands, you can do a lot of work on a Ruger yourself.
Although Ruger wants to fit the hammer assembly to your gun themselves, if you can find a DA hammer assembly, it will drop in. The thing you will have to check is that the springs in your SA are strong enough to reliably fire the gun with the heavier DA hammer.
How do I know this, you might ask? A couple of years ago I went on a quest for a SA hammer assembly for my SP101. Took a couple of months, but found one. Dropped it into my SP, checked the ignition on my range and carry ammo, and was good to go. After a while, put the spurred hammer back. No problem.
I've seen posts here and there from guys who want to convert their DA to SA. I'd look around to see if you can find someone who wants to trade hammer assemblies.
Oh, Wolff sells a spring kit with a number of different mainsprings and hammer return springs. You can lighten up the trigger pull by changing the springs. Just make sure you check ignition. I'd not carry a gun for defense that hadn't had 200 flawless rounds of my chosen self-defense ammo through it. You don't want to discover your defense ammo has hard primers and your newly lightened trigger won't pop them.