In short, Yes.
Doing some searching, the GoPro HD Hero 2 has a still photo resolution of 11 megapixels. Around 6-8 megapixels is enough to make almost any size print. Why? Because the bigger the print is, the further back you have to stand to view it.
I can't find the exact dimensions for 11 megapixels, but for 12 mp it's 4000 x 3000 pixels. If each pixel was just a millimeter, the print could be made into a 4 x 3 meter print! The distance required to view such a big picture would make each millimeter indistinguishable! Now if you print half that size, (one quarter of the area, 2 x 1.5 m) the size of each pixel would be 0.5 x 0.5 mm. If you're looking from 20 cm away it might be a noticeable pixelation, but with more than 50 cm away (closest normal distance for a framed picture) it won't be noticeable. In your case, 54 x 84 cm, a pixel will be barely noticeable.
So, yes. It will give you a nice print as long as the shot is taken in focus, and at the correct light settings.