Yes. When the "management-only" option is removed from the configuration, the port behahves just like a normal port. Personally, I have not tested this but I dont see a reason why this should not work.

If you are planning to use management port as the Stateful Link, then the bottleneck could be that the management port is a FE. So, care has to be taken while planning your stateful failover configurations.

http://www.cisco.com/en/US/docs/security/asa/asa70/configuration/guide/intrface.html

Regards,

Arul