I think it is yes.
With the current TOU rate plans, all my solar generation is in off-peak these days, but back when I was still on E-6, I could still be a net generator during the peak TOU periods in summer even with my undersized system. Back then I investigated, and what I found was that your baseline was basically allocated proportionally across the different TOU periods based on the monthly (billing cycle) net generation or consumption.
I.e., if your monthly baseline is 300 kwh (~10 kwh per day), then if you were a net generator of 450 kwh with 300 during peak, and 150 off-peak, then you'd have a baseline for peak of 200 and baseline for off-peak of 100. You would then get NEM credits for peak at 200 kwh @ baseline rates, and the additional 100 kwh @ the "Tier 2" rate. Similar calcs then for off-peak, and partial-peak if it existed.
Where things got funky was if you were a net generator during certain TOU periods, but a net consumer during others - it's certainly common to be a net consumer during off-peak that spans through the night. For example, if you were net generator of 300 kwh peak, but a net consumer of 150 off-peak. I think the answer then was allocating the baseline quantities proportionately to the sum of the absolute values of the net generation/consumption each cycle, but applying the logical +/- to the resulting allocations. Non-intuitive, but it seemed to check out.