I think so. There is already a precedent with basketball, in any case. The fallacy of "amateurs" in the Olympics has existed for some time now - many of the eastern European, Chinese and Cuban players have been professional in all but the most technical sense for a long time now. May as well just let the field be even.
"In case you ever wondered what it's like to be knocked out, it's like waking up from a nightmare only to discover it wasn't a dream." -Forrest Griffin