Yes, and use a 2nd capo for the low E string if you want to capo further up the neck. A friend uses this all the time. What is great is that your chord fingerings don't have to change, except to thumb wrap (or mute) the low E string to the 2nd fret when playing chords that require the 'E' note.
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Mike
My music: https://mikebirchmusic.bandcamp.com
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