Yes, you can do that. Just be aware that your inventory will be commingled with other inventory with the same barcode so if the product is prone to having fakes, they will be mixed with yours.
Search up “commingled inventory” in help for more info.
The advantage of Manufacturer’s Label is that you can use the existing UPC barcode and not re-label the items. But, your inventory will be co-minged with all other sellers who have Manufacturer’s Labels.