Yes, but. . .
If you are hunting with a lighter 150 grain bullet, and the distance is at the farther end of the 30-30's 150 yard operating range, don't try for the shoulder. In fact, I would recommend that you go for a boiler room shot at any range-- heart and lungs. I find it to be a lot more certain and you end up losing a lot less meat.
I experimented with reloading for the 30-30 quite a bit since 2002, when I tried 30-30 for the first time. Honestly, starting out I was not impressed with the stopping power, even at close range.
See "Ode to a 30-30
" especially Pt III for details.
Over the next couple of seasons, Mooseboy lost one doe and had trouble putting down another. In retrospect, some of it was probably jitters. During this time I tried 150 grain and 170 grain bullets with only some improvement. Someone finally suggested Winchester Power Points in 150 Grain and . . . my son Mooseboy, switched to an M1 Garand in 2005, so there was a 3 year gap. #3 son came on line this year and had one-shot/one-kill success with the Winchesters. I was impressed.
I know there is a lot of talk this year about the new Hornady stuff and how it boosts the effectiveness of
a 30-30 out to 300 yards. Yes, but. . . I don't see where it is helping any inside 50 yards where most of the killing actually takes place. There is no magic here, just high-school level physics. A 150-170 grain bullet will only go so fast without blowing up the rifle. There is only so much energy that can be transmitted when it hits the target. 30-30 is still not a 30-06, and that would be what I would be choosing if I were a dedicated shoulder shooter. There will be disagreement on this, but that is my opinion.
The thing that I don't like about shoulder shots is the uncertainty. If any bullet is going to fail, the majority of cases are when it hits a shoulder. One bunch of fellows I respect agree that the deflection from a glancing blow to the bone is what causes even so many premium bullets to fail. All I know is that I have been hunting deer for 26 years. I have never deliberately shot for the shoulder, and I never seem to need to do any serious trailing. Punching through a rib and taking out the heart and both lungs also puts them down with a lot less meat loss.
If you are going to be loading for yourself, I can recommend H4895 and Winchester PowerPoint 150 grain RN. If you are using factory fare, I know a lot of dedicated 30-30 hunters who swear by the Remington Hollowpoints.