The gauge only reads the outgoing pressure...it doesn't regulate it, so yes you can.
I would try something to be sure you don't have a lot of pressure running into the line just in case something blows off which isn't likely if your needle valve is hard-screwed into the regulator. But, if it is attached only with tubing...?
You could try opening the needlevalve all the way with the regulator fully closed. Put your finger over the opening of the needlevalve and slowly adjust the regulator open while trying to hold the CO2 in the line with your finger (pushing hard on the needlevalve opening). When the CO2 starts to escape, shut the needlevalve down and adjust it to where you want it. Might be a little on the low side for pressure (I'd guess 8-10psi depending on how massive you are and/or how tough your fingers are) but it might work.
Good luck!