Most definitely. The plant attached to the drift wood will receive its ferts through the water column. Depending on how many fish you have in the tank you may never have to add additional fertilizers. If you want to plant in the gravel you could always supplement it with some osmocote plus. You see a lot of people sell it already encapsulated on the forum. I bought a container of it on amazon and made my own, if you don't want to encapsulate it just ensure that the little balls make it to the bottom of your substrate.
Still some ludwigia repens and other aerial root plants may do fine without enriched substrate.