Yes and no. Sheetmetal requires a constant thickness or it will fail unfold/flatten. It basically stops being sheetmetal once a feature is coined or otherwise formed to less than or greater than its given thickness.
You might be able to do this as a two stage part. I haven't tried it yet, but a basic sheetmetal part could be brought into an assembly and from there, do a secondary operation if you are removing material. You would have to try this as I haven't confirmed you can do this if the part is sheetmetal.
