Yes you can. BUT, if you do, you'd only need to cook for a few minutes. It also depends on what you're baking. Cakes are not the thing to cook on this heat, as they need time to 'fluff up'. Something more like casseroles are better, although if you want a hearty meal like that, probably best to leave it under a lower temperature for a few hours.
Hope this helps :)
yes, butter can be used instead of margarine (the term oleo is archaic)