Yes,indeed. Further,I've built it as follows; Start in the NW corner,moving E. At the end of the row,move to the W-most block on the next one. Bottom to top.
First Layer
Steel Scaffold,Steel Scaffold,Steel Scaffold.
Redstone Engineering Block,Light Engineering Block,Redstone Engineering Block.
Steel Scaffold,Steel Scaffold,Steel Scaffold.
Second Layer
Iron Sheetmetal,Conveyor Belt,Iron Sheetmetal.
Iron Sheetmetal,Light Engineering Block,Iron Sheetmetal.
Iron Sheetmetal,Conveyor Belt,Iron Sheetmetal.
Third Layer
Iron Sheetmetal Slab,Iron Sheetmetal,Iron Sheetmetal Slab.
Iron Sheetmetal Slab,Iron Sheetmetal,Iron Sheetmetal Slab.
Iron Sheetmetal Slab,Iron Sheetmetal,Iron Sheetmetal Slab.
I HAMMAH! it,and all that happens is the belt rotating. Both belts are running in the same direction.