Yes! If you don't need authentication (which you shouldn't on a dedicated point-to-point T1), and you just need the one aggregated multilink pipe, it's very simple. The Cisco documentation has a lot of extra stuff that you may not need. It's really not likely someone's going to be able to "dial in" to your T1s, so authentication isn't needed.
We implemented this on our network a couple weeks ago and it works great! (it has effectively doubled our throughput, since the links are now used in parallel for each flow rather than back and forth round-robin style) Your configs should include these lines (the IPs and interface mod/num pairs are stated for example purposes. Tailor them to your needs):
Router_A:
interface Virtual-Template1
ip address 192.168.1.1 255.255.255.252
ppp multilink
!
!
interface Serial0/0
encap ppp
ppp multilink
!
!
interface Serial0/1
encap ppp
ppp multilink
-------------------------
Router_B:
interface Virtual-Template1
ip address 192.168.1.2 255.255.255.252
ppp multilink
!
!
interface Serial0/0
encap ppp
ppp multilink
!
!
interface Serial0/1
encap ppp
ppp multilink
... I would test it in the lab with your routers if possible using T1 crossover cables, but it should work fine. I was even able to transparently convert from two seperate HDLC T1s with IPs on each physical port to the multilink configuration on the fly. Basically, I disabled one T1 pair, created the virtual-template interface with the previous T1 pair's IP subnet, then enabled the PPP encapsulation on the downed T1s while still routing IP thru the yet enabled HDLC pair. When I was sure the Multilink pipe was up (confirmed with a ping from one Multilink virtual-template IP to the other), I then rerouted IP thru that, and erased the routes across the HDLC T1s. Finally, I encapsulated the remaining T1s with PPP and enabled multilink on their interfaces and they were automatically added to the new Multilink group.
hope this helps...
