I think so. Haven't tested, one way should be be to have have two url.py's, one that includes only the admin URLs and one that includes only your project URLs. Then have two settings modules that look like this:
# main site settings
from .settings import *
ROOT_URLCONF = 'myproject.urls_main'
# admin site settings
from .settings import *
ROOT_URLCONF = 'myproject.urls_admin'
If you want to get even fancier you can also use the sites module support to define two different sites and set the SITE_ID in each setting file too. Although you probably don't need that.