Sure, you can. As long as you feel you can handle it, there's no limit to the number of roleplays you can enter or GM. Though, yeah, overloading yourself will bring plight to both yourself and those you play with.
Make sure you take ample time to watch and read how other Game Masters do it if you're determined to set up the game. I'd also suggest, if the idea is brand new, to wait a little while before actually setting up the roleplay. If you're still burning for the idea an undetermined amount of time later, then you're free to have a go~ Make sure you're ready, and if you are, go for it~ Haha~
