Hi,
Yes but its more overhead and more testing involved in it. SO i would suggest go to SP8 EHP6.
This approach is only good when you have two project first to go to SP23 and let the system be stable for 3-4 months and then have EHP6 porject.
Or
Go to EHP6 SPX which is equivalent to ERP6 SP17 or 16.
Thanks
Rishi Abrol