Yes, indeed. This was so common that in studios that for playback of imported stuff on stereo tape you'd switch polarity on one output and then tweak the head for the null. This is more important for wider tapes. For multi-track (not stereo) tape this would be more difficult, picking the track with the highest frequencies on it was usually a good bet. Then you'd aim for maximum output.

We also had special head alignment tapes that would be used just prior to an important recording. Usually this was a single screw, one side of the head would be held fixed in place and the other could be adjusted up or down against a spring, the head would tilt relative to the tape running direction. On very fancy multi track recorders you could also lift the whole head up and down so the (very small) heads would match up with the tracks.