YES - I have done it many times. I have mostly IBM and WD HDs and OCing doesnt seem to care what kind of drive you have. I have noticed DMA66/100 drives are more sensitive than 33.
First thing is get Norton Ghost and make a backup image, that way if you do hose the drive its easy to recover, just format and ghost your ready to rock again. I would have to take off my shoes and socks to count the days i have saved just by using ghost, (hint) A fresh install will usually fit on a CD. Next have 2 HDs, one DMA33 and the other whatever you plan to use after you find a good OC. Use the 33 drive to OC and then ghost to DMA66/100 drive and let 'er rip!