No, this will cause problems with the ACKs from the devices.
If the device in question only has one I2C address available, then you will need to use an I2C address expander in order for it to work correctly.
TI has a series of products that we developed to address (no pun intended) this problem:
PCA9543A – 2-channel I2C switch
PCA9544A – 4-channel I2C mux
PCA9545A – 4-channel I2C switch with interrupt and reset
PCA9546A – 4-channel I2C switch with reset
PCA9548A – 8-channel I2C switch with reset
There is more information on the PCA9543A attached.
-d2