certainly. Whenever i manage in Italy I always end up reverting to my trusty 4-3-1-2 at some point in the save.
Get some central midfielders who have stamina, defensive know how and a bit of technical skill just so they can feed the ball to the front 3. Let your fullbacks come forward and provide the width. You have to have really good attackers to play with this rigid sort of approach.
fiddle around with the front 3's player roles until you get it right.
I use a Milan-esque system like this quite often
striker - striker
AM
BBm/adv plm - CM defend/dl plm - ball winner support
FB sup - CD - CD - FB att
GK
i usually go with standard or control with a balanced approach. in control i go with shorter passing, slow tempo, time wasting, pass through the middle. In standard i go default passing, normal tempo, time wasting, counter attacks,
depending on how good/fast your defense and midfield are will dictate whether you defend deep in zones or press in man marking.
Tweak the midfield's closing down yourself to avoid having your fullbacks being overexposed or your 3 man mid being pulled out of shape.
IMPORTANT - when playing 4-3-1-2 or 4-1-2-1-2 make sure you have a lot of width or else your play will look stupidly narrow, severely limiting a player's space and passing options.
i don't like a 4-4-2 diamond as much as a flat 4-4-2 in fm. it makes no sense to push one midfielder forward and one back when you can easily have your attacker/anchor combo in the center to contest the midfield more and help out in defense.