Yes, you don't even have to use butter flavored Crisco, plain Crisco works too and there is not much difference in flavor. The cookies will stay a little chewier and wont spread out as much, but I think that it makes a better cookie than butter in most cases.
oh my where is Paula Dean when we need her! Agree there is a HUGE difference and like shinypate1 said there is no substitute for the taste of butter! oh honey don't ruin your cookies! if you were substituting butter flavored crisco for plain crisco that would be 1 thing but not crisco and butter. put that butter in there!!! Its in the recipe for a reason if they could use crisco they would have said so dear