If you virtualize your two search heads, then yes, it is possible. You need to be running at least three instances of Splunk for a search head cluster. You can use the master as a deployer as well, but it is best practice to keep the two separate.
Search head clusters must have at least 3 members.
Required number of instances The cluster must contain at a minimum the number of members needed to fulfill both of these requirements: Three members, so that the cluster can continue to function if one member goes down. See "Captain election process has deployment implications." The replication factor number of instances. See "Choose the replication factor for the search head cluster." For example, if your replication factor is either 2 or 3, you need at least three instances. If your replication factor is 5, you need at least five instances. You can optionally add more members to boost search and user capacity.
Are you planning on using an existing cluster master as the deployer? Do not think that would be an issue, the deployer is basically idle until you need to push a change.
It's slightly more convoluted than that, because for the election process to be guaranteed to be successful you have to have a definite majority remaining - i.e more than 50% - after the failure. If you only have two in the cluster they can fail to elect, because there could be a hung vote. With three or more it is always possible to get an absolute majority, although with any even number a temporarily hung vote is a possibility.