Yep Erick - just go right ahead
I've turned mine on my 8" newt such that it is parallel to the ground at around 50 degrees elevation. I find that I'm at or around that point in the sky most naturally, so now I have the two knobs on the 10:1 parallel to the ground for most situations.
Of course, this would work better on a dobsonian mount as the EQ5 ends up in all sorts of contorted positions during the night.....
Cheers
Chris