Yes. I've got an OG Droid and added a Nexus 7 yesterday. I've used PDAnet (cabled) with my OG and laptop in the past.
Today I tried FoxFi on the Droid and PDAnet bluetooth on the Nexus 7. On the Droid, I had to choose Bluetooth mode rather than "Activate WiFi Hotspot".
Worked like a charm and was able to browse, navigate and check email on the Nexus 7 in the car (as a passenger, of course!).