The big trick in aileron rolling a 172 is that you really need to pay attention to the speed and engine rpm because as you roll over, the nose will drop. It doesn't just drop, it plummets. I started between 20 and 30 degrees nose high, and with full aileron and 1/4 rudder deflection, we still finished the roll about 35 deg nose low.
I started with about 120 mph, used 1.5 G's in the pull up, about .8 G's during the roll to slow the nose drop while inverted, and pulled 2.5-3 G's pulling back up. I came close to overspeeding the engine because I hadn't cut the throttle as the nose dropped, but I managed to keep it a couple hundred or so rpm below redline. We never exceeded maneuvering speed too.
In short, it rolled like a pig but it can be done. Again, the trick is to start out nose-high enough that you sort of make this big ballistic arc as it slowly rolls around, and watch the rpm and speed in the second half of the roll when the nose falls below the horizon. I'm sure you could prevent the nose from falling as much by using various rudder and elevator inputs to help keep the nose up a bit, but that would be very uncomfortable and you'd risk screwing it up bad and overspeeding something.
I've done it once and don't feel the need to do it again. It wasn't all that exciting but my Dad had never done one and I'd just finished UPT, and there we were at 6500ish ft over the acro practice area near Ramona, so...
edit - I forgot to mention that although I'm not an expert on the FARs and AIMs, it may have been illegal to roll that sucker. The nice thing about the aviation regulations is that you can pretty much do anything you want as long as you only kill yourself, so if you fly acro in a private aircraft, you're really just transitioning to the "utility" rules which are sometimes (used to be?) just the normal rules without as much margin for safety. But I really don't remember if we were legal at the time. We were in uncontrolled airspace and in an area commonly used for acro practice, but I don't remember the restrictions on using that plane in the utility category. I don't think chute wear was an issue. I've had 3 acro flights in private/civilian aircraft and never wore a chute. 2 of those flights were in privately owned homebuilt biplanes though, so again I'm not sure what rules we were operating under.