I did it, and have no problems going from the basement to the second story, at the opposite end of the house. Previous owner had run Cat5 for a different alarm panel keypad, and when I ripped the system out I ended up using that Cat5 for the Elk keypad and one of the extra pairs of the wiring for the speaker. Crosstalk is a possibility, and for a new install I'd run two lines. For a retrofit, it's worth trying. Can't remember as I type this which you have, though!