Yes you can. I've heard it's a little slower than doing it with a dexxer or something, but yes.
All I do, is tell my pet "all follow", hit my honor hotkey (which must be set via the UO macro menu, NOT razor), then honor the target, then hit "all guard". Just wait for it to attack your pet, then kill the target. And you will find a message in the bottom right hand corner saying "you have gained in honor".
3mins of honor is "follower" I believe. And it will not take all that long. You can do something like blood elementals or demons up until the 4th follower dot. After that, for a tamer at least, it needs to be something harder. I use succubi. I find with succubi it is about 4-6 kills to get each dot.
If succubi are too hard, then just do the demons and blood elementals or something else until you get a couple of follower dots. I find 3 mins is enough to tame a GD most of the time. Knight is 5 mins, but its quite an effort to get there, and I find myself with about 3 minutes to spare after I've tamed one
Every time you use it, you lose a dot. Evem if you get to knight of honor, as soon as you embrace your honor, you lose knight.