Obviously test, but yes it's fine to do so. You'll need to use the conv1011 utility to upgrade the database.
But there are other considerations. AI will need to be re-initialised, so you'll want to backup before and after. You'll need to recompile all code. Plus, if your data is in type I storage areas, now is a good time to consider a dump and load to move to a new structure involving Type II storage.