The accuracy of any analysis is dependent on the quality of the data. Can it be used? Yea. Will it introduce error? Yea. How much? Who knows. That's the problem.
Similar Finite Element Analysis (FEA) analysis can be done considering, the safe limit of amplitude zero condition as yield strength of material.
This is known as Soberberg diagram. Generally Goodman analysis is the most preferred one.
Hope it helps
