I can't see why not. The thing you need to take care of is that you're also passing the tag name, i.e.:
<li class="context-class-div-hotspot">
will only work on div-s with the class "hotspot". If you say:
<li class="context-class-input-hotspot">
it will work for input fields having the class "hotspot". Obviously, same goes for images:
<li class="context-class-img-hotspot">