Yeah, for sure, no problem. Of the headphones I've played through the PPAv2, they have the best synergy with Grados because I got the amp with the OPA627 configuration.
OPA 627s
Vishay/Dale RN55D (mil spec) metal film resitors.
Panasonic FM series electrolytic capacitors.
Wima film capacitors.
If you read the (massive)PPAv2 thread, you'll see the OPA627 is the preferred opamp for most anyways. I was told by my builder this was the best choice for Grado's anyways. But alot of people think the PPAv2 is fine with most everything.
Also, don't listen to the people who say it's mid-fi, dated, blah blah. The LisaIII is basically a PPAv2 with minor updates. So in essence, they're calling a LISAIII an old design as well. Who cares if it's a design that's a year or two old, it WORKS, and it sound GOOD. I think it blows a LISAIII out of the water. Granted it's not quite a fair comparison since the Lisa can be brought with you on the go, bottom line is, the sound isn't on par, IMO atleast.
Although there are better (read: newer, some likely fotm) better amps out there, the PPAv2 with a steps power supply is a SOLID performer...