Yes! This is what we did on two of our kegerators. Love it - see the link in my signature for a brief how-to on assembly. It's the sturdiest tower you'll find for the money, none of those cheap plastic or tin foil styles!
I'd second that - whatever you do it might not be a bad idea to put some fittings for interchangeable lines. I have several sets I swap in and out depending on what beer I have on draft to help maintain a balanced system at the correct pressure.
I got mine on ebay. 3 inch stainless with homebrew disconnects for $89.95 with free shipping. After the Perlicks, it came out to about the same as the one linked earlier from Keg Connection. That one was around $160 plus shipping at that time.