There should be no problem with doing that. If you need 16 or less buttons it’s really easy, but if you need more it is only a touch more complicated by introducing a shift button.
As a starting point, you could possibly use this mapping:
If you need some MF specific mapping help in Traktor, I suggest you look trough the MF section as there is a lot of good stuff in there.
I’ve got it and a midiFighter, and they’re both really nice controllers. If the midiFighter is still out of stock, and you don’t want to wait for it, the MPD18 will do perfectly for you. Really solid build, the extra fader is pretty cool, and you have all crazy kinds of note-repeat, swing, etc. options right at your finger tips. It’s quite a bit cheaper than the mF too.
THAT BEING SAID.
I got the MPD18 before the midiFighter came out, ordered the midiFighter as soon as I was able to (got number 2/300) and I haven’t touched the MPD18 since then, except for production.
The midiFighter is superb as a DJ controller. The arcade buttons are really nice, and the size layout is /perfect/ for button mashing just like you’d do in old arcade games. The MPD18 would be a better option if you’re A) Impatient B) Short on cash or C) Thinking of getting into production.