Yes it is possible, make sure the dynamic links between the cameras in TF is published faster than the camera frame rate. For example, if you have a TF tree like this:
camera1_rgb_optical
/
camera1_link
/
arm1_joint3
/
arm1_joint2
/
arm1_joint1
/
base_link
\
arm2_joint1
\
arm2_joint2
\
arm2_joint3
\
camera2_link
\
camera2_rgb_optical
The arm joints could move around while you do visual odomerty with both cameras. Make sure you set frame_id of rgbd_odometry to base_link. Note that I have never did this myself, but the code should support that.
cheers,
Mathieu