Good question. I can honestly say I dont know for sure, but I dont see why not. Most EULA (license agreements) allow for one install instance only. Which in your case you would be doing. Also I am pretty sure Apple does not tie a specific OS to a specific piece of hardware. So, legally I think you would be fine.
Here is the kicker though. Some install discs will only work on the hardware they were shipped with. All you can do is try and it will let you know if it will install.