Yes, but you will still have to put the MC traffic from the CCMS on the WAN to get it to the CCMA, but at least you can keep the MC/UC from the CCMA local.
It works great, even if you don't have the Adam replication. While we originally had the idea of spreading the CCMA's out all over the place, we found the administration was better for us to make it regional.
The whole key to this is having a single Multi-Cast send address from every CCMS. If you only have one CCMS, then it's easy, but if you are like me and have ten or more, you have to remember the size of the MC conversation will increase with each CCMS you add.