Sure is, however....
You have to mask your stern light. The rule says ONE all around (360) white light plus the red and green. The steaming light just completes the circle for the partial coverage of the stern light. If you use the anchor (360) light that is all the white light you need. But you still need the red and green which would also turn on the stern giving TWO white lights when viewed from the stern. That would mean that you are an over 100' vessel and the lower stern white would indicate that you where traveling backward. The higher white is in the stern.
So just put a light proof cover over the stern white and you are golden