The answer is YES, because I do this. I have a Blue Yeti Microphone, that used to get enough power from the Camera Connection Kit to work, and once Apple cut the power down, it no longer worked. Using a powered USB hub, the Blue Yeti once again works with the iPad through the Camera Connection Kit.
I also run the powered USB hub through a modified cable into a USB battery backup, and it's mobile for use with recording on the iPad.