So you want to gain 8lbs of muscle and lose 5lbs of fat in 2-3 months?
I've never understood people who have exact progress goals like that! lol
Why not have one main long term goal (e.g. a "lean" 200lbs), aim for one thing at a time. And set short term goals, but don't be exact...
Like lose 10lbs of fat (no extreme dieting though); this would be easy enough, just eat around maintenance (e.g. 2500-3000 cals/day), train often (e.g. 5x/week), lift hard, do cardio if necessary. You'll add a little muscle while leaning to around 12% body fat. Simply keep bodyweight the same, add more exercise if you aren't already doing 'too much', and if your waist isn't shrinking, reduce calories a little.
Then start a steady bulk.
Oh, and just for the record, as regards your question - of course this is possible...in fact, if at your stage of development you didn't gain 8lbs of muscle and lose 5lbs of fat in 3 months, you're probably doing something wrong Get this stage over and done with so that you can concentrate of building quality muscle without overly worrying about fat gain.