I wouldn't see why not, its when you get to 11.5 and beyond that it seems sketchy but that is pure speculation on my part. Hopefully Matt or Diz will step in with some good info. Tzedek says several guys around him are running 12.1, but I dont know what block they are using.
I believe Matt is building his on a EJ257, but SOLUTION maybe using a stock Phase II block on his build.
Ahh just build yours and tell us what you find out.
Also check out this:
Speculation is that they are running in excess of 12.1:1 but they haven't spilled the beans last time I checked.
Pistons are listed at 11.2:1 hmmm...