Yes, so long as there is availability. Sometimes you have to wait a little longer for the DVC availability to show up. I can usually book by at least the 7-8 month out point. I've often used AP codes, Florida Resident codes, AAA discounts, and bounceback codes for villa accommodations. In fact, I just booked the current bounceback code for a two week stay at VWL in September 2008 yesterday before leaving BWV.
It can be more difficult to get a two bedroom with a code, but I've seen them come up when checking availability online. I've never seen anything larger than a two bedroom come up under a code.