Sure is Hopper... that's how I run my whole layout. My lesser-expensive locos run better on DC current. I remove the circuit board (allowing me to add more weight to the loco, thus removing some or all traction tires), rewire the locos and run them F-R via the power source.
Now you could wire in a small rectifier to your loco and run it on AC, but in one direction only. There are also other companies like Dallee and TIA that make reverse unit boards that would work in your loco. You just need a large enough board that will work for the larger Williams motors. I don't think the smaller Lionel/K-Line boards that went into the dual DC motored locos will work.