Yes, God has given us the technology and knowledge to create artificial life, and using the capabilities that God has given us is not contrary to His plan. Creating life by any means is consistent with God, because God is life. God created the original life. Destroying life would be a different matter, but God is life, and life, however created, is not inconsistent with God.
No, artificial life is not consistent with the notion of God, as most religions declare God to be the direct source of all life, be it through initial creation or through condoning procreation. As creating artificial life does not fall within the stated means of procreation, it does not meet the requirement of being consistent with God.