Yes, you can do that. What you have to remember is that when you're knitting in the round, you're always working on the right side. This means that you have to reverse the order and stitch for the wrong-side rows. Knits to purls, purls to knit, and read the directions in the opposite order.
You can also take off stitches where you would have seamed, usually 4 for a flat pattern to round.