Never had a problem doing this...this is, in fact, the main reason I have both PP and Empire accounts (don't quite have a big enough roll yet to be keeping $1K just floating on Neteller, while still having enough to have a good roll for even the .50/1 limit)
One thing I learned today though, much to my chagrin...if you withdraw money from PP during the time that a bonus is being offered, and then redeposit it with the bonus code, it will deny you the bonus. It states so clearly in the T&C. So, I got to miss out on
BONUSJUN as a result.