For the most part . . . yes.
I use tubular O27 track on the PRND&L and I have two Atlas 4-4-2s. Because there are only two driving wheels, and because they are so close together, these engines can be a bit more sensitive to imperfections in the track. When my layout still had the O27 curves, the engines would occasionally hang up on a curve at the top of a grade. It looked like the lead and trailing trucks were actually lifting the driving wheels off the track. This might have been a piece of older track that wasn't quite as "perfect" as it should have been. Once I switched to wider curves (Marx O34 and K-Line O42), things got better.
The Industrial Rail cars should have no problem with O27 track.