I don't see why not, I have foam tubular grips underneath my bar tape, slit them lengthways and put a section on the drops and a section on the tops/corners. I find it very comfy and easier/cheaper than messing about with gel pads etc, £6 gets you enough to do 2 bikes comfortably.
I suppose the only thing to watch for is the more you have under the tape then the more tape you need to use when wrapping.