Absolutely. I will split a canister over two or three projects until it's exhausted. Bear in mind, you use more dye this way, as a lot of it gets sprayed right past the edges of your project (as with any sprayed medium), so you'll see your dye jar going down faster than you might expect, as opposed to a dauber, where it all goes into the leather. But I freely move the Preval from one color to another. Give it a little blast to clear out the old color still in the tube, then carry on.
Also bear in mind this one little trick - when you're screwing a Preval directly onto a Fiebings 4 oz jar of dye, you'll need to trim a tiny bit off the end of the Preval's plastic tube that extends down into the dye. They're made to go into a different reusable reservoir and are just a tiny bit too long for a Fiebings dye jar, but with a sharp knife or razor, if you trim it just a bit, you can screw the Preval unit right down onto the Fiebings jar and eliminate the need for a separate reservoir entirely. Very handy!
BTW - I'm in an apartment too, and I just step outside in the parking lot and spray my piece quickly. You certainly don't want to spray that pro dye in the apartment!