Yup!
Just be sure to order the CD and have everyone put their photopass cards into that one account. Once you enter a photopass card into an account, it CANNOT be moved so if anyone creates their own account that card won't be included on your group CD.
You can either snag everyone's photopass cards when the trip is over (or as it goes on and they accumulate cards) or you can give everyone the account info (website address, login and password) and make sure they ONLY enter the cards into that account.
There is no limit to how many photopass cards you can put on one CD.
We did this with our extended family trip last year - I gave everyone the login info ahead of time along with instructions on how to enter their cards and then about a week before the pictures were set to expire (30 days after your trip), I confirmed with everyone that they had put them in, made any changes to their pictures (frames, borders, etc.) and then ordered the CD. I then made copies for everyone.
You get the a release on the CD which gives you full rights to the pictures. Some places may ask for a copy of this release if you go to print any of the pictures so be sure to print out a copy to have handy.