Yes, you can begin the process now or wait a while longer---into March if you like.
The sun's intensity is fast returning and that is what is wanted to bring about the geraniums (pelargonium) renewing themselves.

The brighter the sun's exposure can be the difference in the time it takes for new foliage to be robust or not so much and maybe, given good sun, before they are set out in May you could have a few flower buds showing.
Otherwise, don't worry, once set out in mid May they'll flower up a storm.

I have 9 plants, 4 of them are more than 7 years old and are as good as they day I bought them. Better I think.