If it's of decent quality, yes. You lose the ability to adjust +5V however with a good quality ATX PSU it's seldom necessary.Would a computer power supply be suitable?
You also have to consider that modern ATX PSUs don't output -5 which is required for audio for a small handful of games. You can overcome this limitation by using an older ATX PSU, circa 2003 and earlier, or incorporating a simple voltage inverter PCB.
You can grab an ATX breakout board to make power connections a lot easier.