Of course! Moreso using female toys on a male body, because well....there is not much we ladies can do with masturbation sleeves. (Except the rare few that can be worn inside...but thats another story)
I often use female toys on him though, especially vibrators like the Doxy Wand, or Deluxe Wand, which work great when used on the shaft or head of the penis. My Tango works wonders on him too and heres a tip: Insert a bullet into the top of a masturbation sleeve for added tingles!
Also there are many, many g-spot toys with bases, that can just as easily be used on the male prostate (Ensure the toy has a flared base of some kind though) Although we have not tried a large amount of prostate vibrators (specifically made for prostates) we have found the female g-spot vibes pack more of a punch than the ones we have tried.
Anyway, yes, at the end of the day experimentation is key and as long as you don't try anything silly (Like inserting a bullet in your butt) there is nothing wrong with using female toys....
I know a few men who actually enjoy using rabbit vibes in their butt and having the ears tickle their perineum!
Be inventive! :D