Absolutely. Examples abound of cases where a pseudonym was an open secret, employed only to distinguish one type of book from another, and/or to relaunch an author in a different genre without the baggage of some misleading former sales figures.
As an editor, I once asked a writer to use a pseudonym on a big ambitious horror trilogy simply to avoid confusion (sales-wise and audience-wise) with various men's adventure paperbacks he'd written in the past. There was no real attempt to "conceal" his true identity; the author freely let it be known that he was "Levi Black." We just didn't want the big horror project to be confused with the men's adventure books. Different audience, different sales expectations.
Similarly, SFF author (and Trek novelist) Somtow Suchatritkul also wrote horror novels under the rather transparent pseudonymn "S. P. Somtow." As I understand it, it was felt that, from a commercial standpoint, "S. P. Somtow" might be less intimidating to fans of Stephen King, Dean Koontz, etc.
And Anne Rice famously used her real name for her bestselling vampire books, "Anne Rampling" for her erotica, and "A. N. Roquelare" for her more hardcore erotica. Again, this was an open secret. Publishers and readers knew the score. It was just intended to alert Anne Rice fans that the "Roquelare" books were something very different than Rice's usual fare.