Yeah I guess you could, if you wanted to. Id really only recommend it if you have a v5 though.
Also dont use that magic 3.1 chip, seriously its crap. You wont be able to play a bunch of good games (and no I DONT have a list, nor can I link you to one).
Get yourself a Duo chip from
www.modchips.cc they are very good and stable chips for very cheap.
Tyler!