Yes, I've got that setup and it's great. I only have a Racer on the front, tektro 559 on the back, but there's plenty of clearance. You do have to deflate the tire to get it on/off, but I've never felt that was much of an issue, since I rarely take off the wheel unless I've got a flat or am changing tires or whatever. The time it is REALLY annoying is if you ever get into mud, because then you have to deflate the tire to scrape off the mud, but those tires are so horrible in the mud anyway, that seems unlikely.
I even have the 52mm VO fenders on there as well. It's kind of tight and I take them off if I'm doing anything much off road, but they are fine--IMO--for road riding.
Good luck,
Adam