No road in Iceland has a speed limit higher than 90kph, so at a minimum this would take you over 8 hours just in driving (and in practice you can’t go even that speed everywhere, even in good weather). In fact, Google thinks it is approximately a 11.5 hour round trip. So I would say your visit is likely to feel quite rushed and you’ll be driving for a very long time, which of course could be potentially dangerous given the risk of tiredness. Nevertheless, the advantage of travelling in May is that the daylight hours are extremely long.
Iceland has quite a mature internal air network. You may want to check that out to see if it can help you with your journey.
Credit:stackoverflow.com‘