swe-dude:
If i replace the 2 220uf electrolyte caps with 8 47uf SMD ceramic caps is there any other problem that i might run into?
Your regulator is designed for low ESR capacitors but putting eight ceramic caps in parallel will lower that ESR by a factor of eight. The datasheet for your regulator does not specify the ESR allowed but I would predict you'd be pushing yourself into problems.
TI has an application note "ESR, Stability, and the LDO Regulator" that explains the phenomenon.