Yes, absolutely!
Use Wrye Bash to create a bashed patch to resolve any leveled lists conflicts and ensure you see all creatures from both mods.
As the author of the lore-friendly versions of both mods, I had them both running together for a while and the only issue was the occasional spawn from one mod fighting a spawn from the other - which I was absolutely fine with, as it helped to bring the world to life.
Edit:

superninja lifestorock
That's absolutely amazing, to have them, not only working together, but actually having creatures from both mods literally coming into conflict!

Actually, I was wondering if such a thing could take place, but I thought that would be asking too much. Wow, I say...
WOW! It looks like I'll be getting into Wrye Bash as well as Mod Organizer once I reinstall everything along with my system upgrade!
