Yes, in fact this is the way the all mighty G suggest to do it so the traffic trying to get to a certain page are not just all directed to the homepage on another site. So if you have a product site and someone bookmarked www[dot]yourdomain[dot]com/tennis_balls but you move it to www[dot]newsite[dot]com/tennis_balls then it makes sence to redirect individual pages, the question is, is it worth the extra work?
Oh and how, you can do this via htaccess or do it directly within your cpanel