Not really, unless you're on a traditionally built wooden sailing vessel and talking about a very specific aspect of that vessel's operation or maintenance. All of the "acceptable" modern uses of that spelling are nautical
"Redbeard payed out another fathom of line"
"Billy Boy burned his foot with hot tar as he payed the deck seams"
BTW one of the other nautical examples shown on dictionary.com - "payed off" as a course change - I've only seen in print spelled paid, as in "he quickly put the tiller down and paid her off to leeward"
But then again, wot would teh loosers on on a dictionary cite know about sailing ships anyway?
With your username it seems fitting you'd know that

. I thought I r smart.