Yes. The way I have mine is the wire from the trasnducer is taped down on the lower unit with electrical tape. I ran it along the shaft and taped it just under the motor head. THe wire is loose anong the shaft so I could stow and deploy the motor without it snagging. There is a bit of slack in the wire so it wiggles in the water but it doesn't hurt any thing. You do have to pay attention and not turn the motor around in circles. That will wrap the wire around the upper shaft. You do loose about an inch in shaft length but if you have the correct size to begin with you won't have any problems.
If you're more than a mile from Rainy Lake you're a million miles from home.