Yes.
Use 2 quarts of water per pound, so it's a small volume. Then, after the mash, lift up the grainbag and pour another quart or two of water over the grainbag. Squeeze it a bit to get the liquid out, or smash on it with a spoon so you don't "lose" a ton of the wort.
Edited to add- use 160 degree water to mix with your grain so that when the grain cools the water, you're in the 150-155 degree range for the mash. Make sure that the grain is very loose in any bag you use, so that you can stir the grain well into the water and thoroughly saturate it.