Yes you can do that. However, is more practical that you use a router and not Callmanager do do this. This router if configured with H323 can be used by the callmanager too.
The reason is that:
1st: most ITSP are using SIP, but callmanager doesn't supports SIP trunk unless is a very recent version.
2nd, since giving just dialtone is not secure, with the router you can use TCL IVR (that is embedded) to authenticate the call in some way. Often, just the calling number is enough.
Hope this helps, please rate all useful posts!