Yes, you can, keep in mind that the magician will need to open the envelope for one outcome and that the magician or spectator can open the envelope for the other.
The magician has to unlock the locked portion of the envelope, but after they do, the contents can be emptied into the spectators hand.
This video clearly illustrates what I mean. The bill is one outcome and the card is the other:
https://www.youtube.com/watch?v=QrK-4IpHOZU&t=2s