Yes, but remember that if you are away from home, you will need to connect to your home Time Capsule/NAS drive before you launch iTunes. Otherwise, iTunes will start scanning for its songs on a drive it can't reach, and you will see a bunch of exclamation points in your iTunes songs list as songs are not found. If this occurs, you will need to exit iTunes, establish the connection to the home server, and then relaunch iTunes.
Also, equally important: The path that you use to connect to the Time Capsule should be the same whether you are inside or outside of the network. This should not be hard to do... just make sure that when you connect to the drive that contains the music, you connect to the root of that location, not a folder that's below the root.