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I run a careful bulk up set with spdef and hp EVs.
It's definitely viable.
Had a battle last night that came down to my gogoat vs. opponent's rotom microwave.
He used overheat and I milk drink'd back to nearly full health.
I actually lost the battle, but only because he used thunder on the next turn and paralyzed me. I was then paralyzed and unable to attack for the next 2 turns while he used overheat. Still would've survived another overheat and been able to heal without an issue, but his last one was a crit. It was very unfortunate, but demonstrates that gogoat is a great tank if you don't have shit luck