Yes you can. See FAR 45.22(b):
[FONT=Century Gothic, Arial, Helvetica](b) A small U.S.-registered aircraft built at least 30 years ago or a U.S.-[/FONT][FONT=Century Gothic, Arial, Helvetica]registered aircraft for which an experimental certificate has been issued[/FONT][FONT=Century Gothic, Arial, Helvetica] under Sec. 21.191(d) or 21.191(g) for operation as an exhibition aircraft or[/FONT] [FONT=Century Gothic, Arial, Helvetica]as an amateur-built aircraft and which has the same external configuration as[/FONT] [FONT=Century Gothic, Arial, Helvetica]an aircraft built at least 30 years ago may be operated without displaying[/FONT] [FONT=Century Gothic, Arial, Helvetica]marks in accordance with Secs. 45.21 and 45.23 through 45.33 if:[/FONT]
[FONT=Century Gothic, Arial, Helvetica] (1) It displays in accordance with Sec. 45.21(c) marks at least 2 inches[/FONT][FONT=Century Gothic, Arial, Helvetica] high on each side of the fuselage or vertical tail surface consisting of the [/FONT][FONT=Century Gothic, Arial, Helvetica]Roman capital letter "N" followed by:[/FONT]
[FONT=Century Gothic, Arial, Helvetica] (i) The U.S. registration number of the aircraft; or[/FONT]
[FONT=Century Gothic, Arial, Helvetica] (ii) The symbol appropriate to the airworthiness certificate of the[/FONT]
[FONT=Century Gothic, Arial, Helvetica] aircraft ("C", standard; "R", restricted; "L", limited; or "X", experimental) [/FONT][FONT=Century Gothic, Arial, Helvetica]followed by the U.S. registration number of the aircraft; and[/FONT]
[FONT=Century Gothic, Arial, Helvetica] (2) It displays no other mark that begins with the letter "N" anywhere on[/FONT] [FONT=Century Gothic, Arial, Helvetica]the aircraft, unless it is the same mark that is displayed under paragraph[/FONT]
[FONT=Century Gothic, Arial, Helvetica] (b)(1) of this section.[/FONT]
[emphases added]
In other words, you can display it as, for example, "NC12345" on the tail (and wings, too, if you like) as it was in the old days -- but the FAA registration will still officially be "N12345".