I believe it’s one of those ‘depends’ answers.
If the rules in the policies are 40 rules with Layer 4 ports then I’d say no, as the minute any GP ACL is applied you’ve exceeded the switch capacity. If you have less Layer 4 rules, say 15 per GP, then so long as all the clients connected to the switch only use two GP ACLs then you should be fine.
The question really is, what’s the definition of a Layer 4 rule? Is it any rule, or just one that specifies a specific Layer 4 port. And that I think is the real question….