Can I Split Test with Low Traffic?
Yes you can! And you should - Even if your site gets low volume traffic having a split test in place can be beneficial (especially so if you set your split test using Split Test Monkey's 'Autopilot' feature) - It might take a while to deliver a result with the right level of confidence but it will eventually come.
Even better, if your site gets an unexpected traffic boost (maybe from an affiliate/JV partner or influential tweet/social share) then the data you gather will be genuinely valuable.
Consider making BIG changes rather than minor ones - You won't need as much traffic to get a reliable (significant) result - To do this, change the offer itself, your page layout, switch out the entire sales copy (yes multiple changes on a page are fine) but test only two variants (Page A vs. Page B, not A/B/C/D/E/F etc.)
Once you have a winner use that page as your control and continue testing but this time against fewer individual elements.
Also consider that traffic alone might not be your only hold up...
Very low conversions can prolong testing results, but you also can work around this if you need to. Don't test for sale conversions, instead test alternative metrics such as visitors clicking the order button through to your checkout page. This way you can test and optimize your page even with less actual sales.
The key point here is that if you don't test, your conversions will never improve, nothing will change and you'll be constantly stuck in a cycle of guess/fail/guess/fail.