Yes, but you must use a separate folders for the different ipods' playlists and sync them each manually.
How to sync:
Once you have all your music in your folder, go to the main library at the top of the list on the left and untick all the boxes on the songs (you can do them all at once by holding the Control button as you click the first one).
Next, Click and highlight your folder with your playlists in. They will be displayed in the main window and the boxes next to the songs will be unticked. Hold down the Control button and click the top song, and all will be ticked.
Go to iTiunes preferences and under devices, and tick 'Disable Automatic syncing'. Now connect your iPod, and click on the Music tab, and tick 'Sync only checked songs' and press the sync button.
It sounds like it is complicated, but it is easy. Just practice a couple of times. I run 6 different iPods and a iPhone from one iTunes library.