Yes, however, right now, and starting August first indefinitely, the answer Monday - Friday is "no". In fact monorail hours M-F are that the mono won't open until 1 hour after the park does. This is temporary, but not known for how long. So the idea might work on a Saturday.
I do recommend NOT doing it unless you are onsite and have multiple MM- and don't do it on your first! We tried to do the mono rail in June just one day (at about 8:45, AFTER park opening) and it went down. Monorail has been have problems this year with consistently being down one (or two) trains.