Yup. It's easy. Had 2 HG-50 cassettes (one road, one MTB) and took the rivets out to make a cassette with very tight gear ratios for riding on the flats.
On Shimano's home page they have exploded views of their cassettes and the spacers in between the cogs have different part numbers. However, I held them up next to each other after cleaning them up and couldn't see any difference in them with the naked eye.