Yes, but it still will be a very slow experience. Ive tried, on my a1200 + 060 + rtg, but I wouldnt call it usable.
We're trying to do something about that.
As utri007 says, NetSurf should be usable on a 68030 with 16MB and AGA. That'll be the absolute minimum, it might need a bit more than that, but it should be doable. The current 68k version, however, is rubbish.
This is the Atari 68k version:
http://www.youtube.com/watch?v=obDYaWp0wPoI'm not convinced that is actually an '030 but the uploader hasn't posted a counter-comment saying it isn't. If it is, there's no reason why an AmigaOS 3 version should be slower.