Probably took you longer to ask than to try ;p Yeah can't see why it won't work. I mean, you're just checking for a collision about to happen, it's not like you're changing anything that will screw with the physics.
That's the thing, overlapping isn't a collision per se. It's more of a pre-collision thing. If you've ever messed about with arrays and tiles, then it's the same as that. Basically checking for adjacent tiles, but in the case with overlapping, it's pixels.