Yes, if you like the sound.
I have a 1/2" 16- same track width as a 1/4" 8- and even without the noise reduction engaged at 15 ips (inches per second) the noise isn't bad. With dbx noise reduction engaged there isn't ANY noise. At 7.5 ips there is a more distinct "warmth" that comes from exagerated low end and less highs, but I wouldn't use 7.5 without NR unless I wanted the increased noise for some reason.
The signal to noise ratio gets even better if you're talking about a 1/4" 4 or 2 track.
Where the noise DOES become siginificantly more noticeable is if you compress and raise the level of the track later. Again, dbx noise reduction makes this almost a non-issue.
I've actually set up my 1/2" 8 track as an insert effect in Pro Tools. You need a 3 head machine to do that, and you need to be able to compensate for the delay, but its pretty cool. Great way to A/B tape sound vs. straight digital at any rate, and get a sense of what levels cause tape saturation.
Take care,
Chris