Absolutely....As long as you you watch your watering practices to start with it will be just fine.

I used to have a redbud in a 3 gallon pot for more than 10 yrs in a gritty mix. Kept it pruned down thinking I will bonsai it. It flowered nicely every year. In spring this year I finally sold it on craigslist since it is a hard subject for a bonsai and I have way too many plants anyway. You may want to up the turface portion a bit and reduce the grit by the same amount so as retain a bit more of moisture. The reason is that it has a tendency to produce long thicker roots leaving very little space for the finer roots. And the finer roots are sort of sparse compared to other deciduous trees. Every 2-3 yrs you will have to repot it and chop the long roots - in spring after the flowers and before it leafs out.