Yes, for 90 days with proper logbook entry and placard.
91.207
10) An aircraft during any period for which the transmitter has been temporarily removed for inspection, repair, modification, or replacement, subject to the following:
(i) No person may operate the aircraft unless the aircraft records contain an entry which includes the date of initial removal, the make, model, serial number, and reason for removing the transmitter, and a placard located in view of the pilot to show “ELT not installed.”
(ii) No person may operate the aircraft more than 90 days after the ELT is initially removed from the aircraft; and