Yes, in fact its quite a good idea because it can capture all of the prospective hackerŐs packets and payloads, gleaning invaluable information about the hackerŐs activities and providing a critical analysis.
[i42] has an excellent overview of the reasons and techniques. It should be noted, however, that Snort in itself isn't suitable as the actual honeypot , but is suitable as a monitoring device only with the actual honeypot machines running other services that one wants to expose to the potential hackers.