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It depends on a lot of factors. But the short answer is yes in theory.. You will find a LOT of folks who will tell you otherwise... but the diode is best and common practice, just as a coupling cap is used on alomst all DIP style integrated circuits but rarely specified or part of the schematic.
The diode will cost you a few cents, so it's not worth skipping. However if you MUST skip it, then you will likely be ok.
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