Yes. You do have to be a little careful with force, unless you're cool with chewing up the body end of the fretboard, but as a little spice now and then it works just fine. Unless you are really outside the range of good technique, you probably won't be using enough force to do much damage, but eventually you will wear through the coating if you're doing it a lot on a coated fretboard. You won't get quite the metallic sound of a fretted bass...but it will still be percussive, just a lot more dry. It's actually good for your technique, because you have to be very clean with the thumb to get a tone.