Yes you can, and should, until you are within the two boatlength circle and he calls for room, because you might soon get a headder and not be overstood anymore, so you should "put some in the bank".
We were about 200 yards away when we both tacked to starboard to get to the finish line, the wind shifted right and bingo, we were both overstood. If you are leeward boat you can (and should) sail as high as you want going upwind, until he has an overlap and needs room at the mark.
I didn't bother to do that as I was more interested in getting to the finish line ASAP to save my time on the rest of the fleet, since we were racing corrected time, so rather than F with him, I just went for the line, he came in from above going faster, established an overlap and called for room, which I gave. Had it been -you- however... <img src="http://www.catsailor.com/forums/images/graemlins/grin.gif" alt="" /> <img src="http://www.catsailor.com/forums/images/graemlins/grin.gif" alt="" />
(I'm teasing, I would have given you room too, but not Ding, never give room to Ding!)
No Room for YOU, NEXT! <img src="http://www.catsailor.com/forums/images/graemlins/grin.gif" alt="" />