Sure you can that is not to say the HB is right for every job. If all, you need is a circle I'd use a router and a circle trammel. Now if you require holes for say an elliptical speaker or need little cuts for precision mounting the HB will come into its own. Even better, you can have the HB cut any porting holes and cut out the panel with any needed rabbets or slots all as one operation.
The only caveat I would add is that even with the most careful use of the jig you may have slight indexing anomalies I call jogles.
To minimize problems with the jogles plan your cuts in such a way as so any indexing anomalies are out in the open and easy to sand out.
For instance, for anything up to 12 inches I'd do the tiles so that the potential jogles will fall at the 12, 3, 6, and nine o clock positions of the circle.
If you have not already seen it see my Instructable on the jig.
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