Yes, but I'd suggest not counterpulling on the tippet, but instead
pressing the hookeye down against your cheek instead. Think about it:
if you use the tippet to hold the fly, it sets the hook.

The way I learned was to press the hook down against the cheek,
basically taking the pressure off of the barb. Then pull back with the
loop of thread, and the hook backs out of its own hole.

http://www.ncemi.org/cse/cse1017.htm
The top picture shows what I mean.

--riverman