Yes. Here is why.
First, you will need to import PolicyPak licensing files.
After a GPO is created (not by you), and you EDIT it, simply use the steps in PART 2 of this FAQ (LINK TO: http://www.policypak.com/knowledge-base/licensing/i-am-encountering-a-problem-installing-my-policypak-on-premise-suite-license-files-andor-i-cannot-use-lt-to-install-license-files-because-im-using-agpm-gpa-or-gpoadmin-what-should-i-try.html ) (again: scroll down to Part II.) You will import the license files while editing the GPO.
Next, all normal operations in PolicyPak On-Premise suite are available to you: like PolicyPak Application Manager and PolicyPak Admin Templates Manager.
Tip: Note that PolicyPak Application Manager Pak definitions can be stored in regular shares, and don’t need to be stored in the Central Store which would require domain controllers.
(See a video on using shares with PolicyPak Admin Templates Manager here LINKTO: http://www.policypak.com/video/policypak-using-shares-to-store-your-paks-share-based-storage.html )