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. 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.

Also consider that traffic alone might not be your only hold up...

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.