Sure, you can do anything you want.
If your master is currently at 16-bit, and your EQ scenario is at 24-bit or 32,and you redither back to 16-bit,
you may hear a little sonic degradation, but it might be acceptable, just listen carefully.
If you can back up in the process, to your higher bit depth masters before you limited and reduced to 16-bit,
that would be much smarter imho.
best, JT