Yes - but you may have to "tweak" the position of the
oil pump shaft before the distributor drops back in. The
oil pump shaft angular position is NOT important in terms of ignition timing.
Don't forget that the drill you use to prime it has to run anticlockwise (i.e. in reverse for a drill). And it needs to be a powerful drill. I burnt them out before now.
It is no disaster if you lose the position of everything. To make things easier, turn the crank until you are at TDC on No1 before you pull the distributor. That way you at least have a reference point in terms of crank position before you start.
Don't forget that the distributor will "turn" as you pull it out, as the gears unmesh. This is normal.
Have fun.