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Argument for: Constitutionally possible because it was the norm until Indira Gandhi began dismissing non-Congress state governments and disrupted the schedule. Logistically possible because you just need a second EVM for state elections next to the EVM for national elections.

Argument against: Uneducated people get will get confused because of two EVMs, hence unconstitutional for violating right to information of the uneducated class. Also, just because it was the norm before does not make it constitutional, because at that time nobody challenged the constitutionality of simultaneous elections.
We have a Parliamentary System not a Presidential One. Simultaneous elections suit the presidential system. The reason behind the simultaneous elections during the post Independence period was the existence of only one major political party that is Indian National Congress, which isn’t the case anymore. Emergence of BJP as the other major political party alongside INC along with creation of regional political parties ( some of them subsequently were accorded with National Party Status) has broadened the political diversity in our Country. To effectively strengthen Federalism, the elections must continue in its present form, thereby ensuring any Government’s accountability towards the citizens of India. In presidential form of government, the President is indirectly elected through an Electoral College, additionally National level issues overshadow the regional issues which are also very very important. The Executive President’s removal also becomes quite tough due to the impeachment plus removal by Senate process. In the Parliamentary System the PM is accountable to the Parliament and a simple no confidence motion ensures that the necessary checks and balances system has an effective oversight. In India the “People” must retain the power and not the “Executive”.
ONOE is much needed, because repeated elections results in populism and derails economic growth. However, the term should be reduced to 4 years from 5.
Only possible if the horse trading stops. Any person elected under the banner of one party would have to stick to its policies or else step down from his position. ONOE will also mean that state level issues and Central level issues can't be discussed and debated separately.