Not advisable. While potentially possible, you will have a high likelihood of cracking the sink. Any chance of buying a low priced single hole faucet? They can be had relatively cheaply. If it were mine I would buy the proper sink or the proper faucet, and would not drill new holes. Corian/solid surface is a different story, but you indicated you have porcelain.
How about returning the sink in exchange for a 3-holer? Or returning your faucet in exchange for a singler holer?