The standard answer would appear to be no.
The following is the text of a standard letter I received from Len Mills of ACE Trains earlier this year.
""The only Peco 2R track that Ace Trains recommend is type SM32.
ACE Trains product is primarily aimed at the standard (coarse) scale 3R market this being a very large percentage of the gauge `O` business in the world.
Peco B.H. (Bull Head) track is strictly a fine-scale track and therefore totally unsuitable for running ACE Trains as they are produced.
ACE Trains product will run on Peco flat bottom rail track but will not run through the points without wheel / axle or track modifications.
For your info there are two commonly used gauge `O` standards largely arising from standard (coarse) scale usually being associated with 3R, and fine- scale with 2R.
By far the most common in terms of popularity and sales is coarse scale 3R.
There are many customers however that use 2R coarse scale largely in the garden because as the name suggests it allows for a more tolerant approach to undulations that are commonplace because of the elements associated with garden railways and therefore provides much more reliable running.
These are the 2R customers that ACE Trains are largely supporting and supplying.
It is very difficult and some say impossible to mix fine-scale and coarse scale together and this is clearly true when it come to points, the two standards cannot be combined because of the huge variation in wheel profiles and B-to-B (Back to Back ) dimensions as follows
BRMSB fine-scale standards are
Flange depth = 1.25mm, O/A wheel width = 3.75mm B - B = 29.00mm
ACE Trains standard (coarse) scale standards since 2006 are
Flange depth = 2.00mm, O/A wheel width = 6.0mm, B - B = 27.5mm
Note: there were no strictly laid down and adhered to wheel standards from ACE Trains on items produced prior to 2006
The ACE Trains standard (coarse) scale is not strictly correct to the BRMSB (British Model Railway Standards Bureau) rule therefore does allow the product to actually run on some fine-scale track although as you can see from the huge differences in flange depth and B to B dims. between the two types I doubt that ACE Trains would run successfully on Peco B.H track without the flanges crashing into the track chairs and bumping over the check rails on the frog.
The minimum recommended radius is 2ft – 3ins = 054” dia American standard.
Most items made will negotiate 2Ft radius but the larger locos do look silly on such a small radius.""
It is worth noting that The British Railway Modelling Standards Bureau (BRMSB) standard was published in 1950, and that BRMSB ceased to exist in 1960.