Yes, absolutely. I have a current legacy PXE server running on (shudder) CentOS 4, and it works great for loading the LiveCD image. Below is the PXE menu config entry associated with it that works on the old server:
label livecd
menu label ^LiveCD
KERNEL devops/livecd/vmlinuz
APPEND rootflags=loop initrd=devops/livecd/initrd.img root=live:/boot.iso rootfstype=auto ro liveimg quiet nodiskmount nolvmmount rhgb vga=791 nomodeset rd_NO_LUKS rd_NO_MD rd_NO_DM
ONERROR LOCALBOOT 0
It is a CentOS 7 LiveCD, built using Lorax and converted with livecd-to-pxe-boot from LiveCD Tools (also a Fedora thing).