Yes you can.
HTML4 has this to say:
<!ENTITY % heading "H1|H2|H3|H4|H5|H6">
<!--
There are six levels of headings from H1 (the most important)
to H6 (the least important).
-->
<!ELEMENT (%heading;) - - (%inline;)* -- heading -->
And %inline; is:
<!ENTITY % inline "#PCDATA | %fontstyle; | %phrase; | %special; | %formctrl;">
And %special; includes <span>.
The current HTML has this to say:
Content contents
Phrasing content
And Phrasing content includes <span>.