The obvious answer is yes, of course you can. The real answer requires a bit more detail as to what the intended use and loadings are. Is timing/index of concern? Are there space limitations? Is noise a concern? etc...
It has been in my experience that the trend is away from v drives and not the other way round.
Keep in mind that a smallish Gilmer type toothed belt will transmit a great deal more power effectively than an equally sized v belt drive.
Vendor-supplied application engineering manuals provide excellent information on this. Gates.com is what pops into my head, there are plenty of others.
