I think you'll need to adjust the baking time since the volume of batter will only be half. Be sure to check it early. I almost wonder if you should lower the temperature a little as well. Not sure about that part though.
Yes, especially since all of the ingredients can easily be split in half.
Additional helpful thoughts from Amanda, found in the comments of her recipe, someone asked if he could make the cake in layers instead, and she says, "Sure -- my sister does that. She uses 2 cake pans and simply divides the batter between them. They will bake more quickly and they won't have a hole in the center, like you get with a tube pan, but this approach works perfectly well." and later regarding pan size, "I would do 9 inch but if you only have 8 inch, that would be fine, too."
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Additional helpful thoughts from Amanda, found in the comments of her recipe, someone asked if he could make the cake in layers instead, and she says, "Sure -- my sister does that. She uses 2 cake pans and simply divides the batter between them. They will bake more quickly and they won't have a hole in the center, like you get with a tube pan, but this approach works perfectly well." and later regarding pan size, "I would do 9 inch but if you only have 8 inch, that would be fine, too."